Revolut has officially launched as a UK bank after receiving regulatory approval, with restrictions on its banking licence finally lifted. The approval, which was granted by the Prudential Regulation Authority (PRA), has allowed Revolut Bank UK to exit the mobilisation phase it’s been in since July 2024. It first applied for the UK banking licence in 2021.

The launch comes with an existing base of 13 million UK customers and follows Revolut’s recent commitment to invest £3billion and create 1,000 high-skilled jobs in the UK. It means that Revolut Bank UK Ltd will be able to start offering accounts as a fully licensed bank for both retail and business customers. It enables Revolut to offer accounts protected by the Financial Services Compensation Scheme (FSCS) on eligible deposits and paves the way for a wider range of services in the future, including lending and other products.

Nik Storonsky, co-founder and CEO of Revolut, said: “Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey. The UK is our home market and central to our growth.

“We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe. This is a vital step in our mission to build the world’s first truly global bank.”

What does it mean for new and existing customers?

Revolut will gradually roll out current accounts to new customers in a few days, starting with a small group and expanding over the coming weeks to ensure a smooth user experience.

For existing customers, Revolut said nothing will change immediately, and customers’ Revolut app and cards will continue to work as normal.

They will be notified in the coming days about the migration to the new bank, a process that is expected to take a few months in total.

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Francesca Carlesi, UK CEO at Revolut, said: “Becoming a bank in our home market marks a defining moment in our journey — a milestone achieved through relentless focus, discipline, and belief in what we’re building.

“Securing this licence lays the foundation for our next chapter: expanding into a broader suite of products, including credit, to sit alongside the innovative services our customers already rely on every day.

“This will now enable us to continue on our mission to deliver the most seamless, secure, and customer-centric banking experience for consumers across the UK.”