Revolut wins full UK banking licence, as finally exits mobilisation phase
Revolut has achieved a significant milestone by securing a full UK banking licence from the Bank of England's Prudential Regulation Authority, officially concluding its two-year "mobilisation phase." This regulatory approval allows the fintech giant to transition from operating under restrictions, including deposit caps, to offering a comprehensive suite of banking services as a fully licenced institution in its home market. The attainment of this licence is a crucial step for Revolut in its ambition to provide a global banking experience. The lengthy 20-month mobilisation period, which began after Revolut initially secured a restricted licence in July 2024, has now ended. This new status enables Revolut to offer FSCS-protected deposit accounts to its 13 million UK customers and 70 million global users, paving the way for future expansions into lending and other financial products. This development significantly enhances Revolut's competitive positioning against established UK banks and could bolster its efforts to secure licences in other international markets. This regulatory green light positions Revolut to more effectively challenge traditional high-street banks like HSBC, Lloyds, and Barclays. By offering a broader range of innovative financial services, including credit products, Revolut aims to deliver a seamless and secure banking experience. The successful acquisition of this highly regarded UK banking licence underscores Revolut's strategic focus and commitment to expanding its product portfolio within its core market.
Curated and translated by Europe Digital for our multilingual European audience.
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