Revolut has secured approval from the Prudential Regulation Authority (PRA) to launch its UK bank. The approval ends a lengthy regulatory process and enables the fintech giant to expand services for 13 million customers in its home market.
Revolut joins a small group of big-name fintechs that have made the jump from app-based upstarts to fully licensed banks. UK rivals Monzo and Starling, and Germany’s N26, hold full banking licenses and run regulated balance sheets across their home markets.
The authorization allows the fintech giant's new entity, Revolut Bank UK Ltd, to operate as a fully licensed bank and offer deposit accounts protected by the Financial Services Compensation Scheme.
We’re now officially a fully licensed bank in the UK.
— Revolut (@Revolut) March 11, 2026
As a bank, we’ll soon offer accounts protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person on eligible deposits.
It also means we’ll be able to launch more banking features in the future… pic.twitter.com/fH7K2TQLDd
Gradual Rollout for Customers
According to Wednesday's announcement, the new bank will begin rolling out current accounts to new customers in the coming weeks, starting small and scaling gradually to ensure stability.
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“Launching our UK bank has been a long-term strategic priority,” said founder and CEO Nik Storonsky. “The UK is our home market and central to our growth. We look forward to offering a full suite of services to our customers.”
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Existing customers will continue using the Revolut app and cards as usual, with no immediate changes. The company will notify users before moving them to Revolut Bank UK Ltd in a process expected to take several months.
New Investment and Global Ambitions
The launch follows Revolut’s pledge to invest £3 billion ($4 billion) and create 1,000 high-skilled jobs in the UK. The company also plans global investment of £10 billion over five years and aims to expand into 30 new markets by 2030.
Revolut first applied for a UK banking license in 2021 and entered the mobilization phase in 2024, operating under restrictions while the PRA reviewed its readiness.
Some in the industry now see the PRA’s decision as a watershed moment. After a long wait that left Revolut unable to lend at scale in its home market, foreign regulators also had a reason to delay their own approvals. A clean UK decision now sends a clear signal from Threadneedle Street to Washington and Singapore that Britain’s best-known fintech has finally been allowed into the club.
“The PRA's decision this week ripples outward, not just into mortgages and loans in Hammersmith, but into boardrooms in Washington and Singapore where the same application is sitting in a queue,” FintechBrainfood Founder, Simon Taylor, said.
Additionally, issuing a full license for one of its best‑known unicorns supports the UK government’s narrative that high‑growth fintech can scale inside a robust regulatory framework. It connects with the region’s commitment to remain a global fintech hub post‑Brexit.
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For consumers, more licensed digital banks should mean sharper pricing on deposits, more competition in unsecured lending, and better app experiences as incumbents respond. Revolut’s move raises the competitive bar for other non‑bank fintechs that still rely on e‑money licenses or partner banks.
