The Prudential Regulation Authority (PRA) has granted Revolut full regulatory approval to operate as a bank in the United Kingdom. This decision lifts previous license restrictions and concludes an application process that began in 2021. Revolut currently serves 13 million customers in its home market.
The new license allows the fintech firm to offer deposit accounts for both retail and business clients. These deposits are protected up to £85,000 under the Financial Services Compensation Scheme (FSCS).
Revolut plans to introduce a broader range of financial products, including personal loans, credit cards, and mortgages. This expansion positions the company to compete directly with digital rivals Monzo and Starling, as well as traditional high-street incumbents.