Key Highlights
- Revolut has become a fully licensed bank in the UK after more than three years of operating under a restricted license.
- The company can now offer current accounts, loans, and deposit protection to UK customers.
- Revolut plans to expand its UK services, invest £3 billion, create 1,000 jobs, and continue global growth.
Revolut, a financial technology company based in the UK, announced today that it has officially become a fully licensed bank in the United Kingdom. The license not only expands its banking services but also strengthens the company’s wider position across crypto, payments, and digital finance.
According to the announcement, regulators removed the limits on its banking license on Wednesday, allowing it to finally start offering full bank accounts to its customers, ending a long wait for the company to provide full banking services.
The company first applied for a UK banking license in 2021. After three years, it got a restricted license in July 2024, which allowed it to test its banking systems with a small number of users.
Revolut to offer more services to its customers
The Bank of England’s Prudential Regulation Authority (PRA) gave the green light for Revolut to operate as a full bank. The company said it will start rolling out current accounts to a small group of new customers within days, gradually expanding to more users to ensure a smooth experience.
Revolut now has the ability to offer lending products, deposit protection, and a wider range of banking services in the UK. Customers will be covered by the Financial Services Compensation Scheme, which protects deposits of up to £120,000 if a bank fails.
“We’ll gradually begin the process of rolling out current accounts to new customers next week. Existing customers will be notified soon on when we will begin to transition their accounts to the new bank — and their app and cards will continue to work as normal,” the company said.
Plans for global expansion
Revolut started in the UK in 2015 as a service for money transfers and currency exchange. Since then, it has grown to 13 million users in the UK and 70 million worldwide. While using the restricted license, the company could not hold deposits above £50,000 for customers.
In December 2025, the company partnered with Trust Wallet to let users fund their wallets quickly without commission when paying with an existing Revolut balance.
In addition, the company launched its crypto exchange “Revolut X” in 2024 to allow users to buy and sell more than 100 tokens through its desktop version. The exchange offers a low flat fee of 0.00% for UK customers.
Now, with the full license, the company can compete with major UK banks like Lloyds, NatWest, and Barclays. The company plans to invest £3 billion in the UK, create 1,000 new jobs, and offer more banking services, including loans.
Globally, Revolut aims to launch in 30 new markets by 2030 with a £10 billion investment over five years. Revolut is also applying for a banking license in the United States and is thinking about whether to become a public company in the UK or elsewhere.
Getting a full UK banking license ends a long wait for Revolut and allows the company to give fully regulated banking services to its customers.
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