Revolut has secured a full UK banking licence, following a five-year back-and-forth with regulators.
Founded in 2015 as a travel finance app, Revolut has risen to become Europe’s biggest fintech, with a recent share sale valuing the company at $75bn.
The Bank of England’s (Boe) Prudential Regulation Authority (PRA) confirmed on Wednesday it had awarded Revolut a full banking licence.
The fintech giant first applied for a UK banking licence in 2021, receiving one with restrictions in 2024, at which point it entered a "mobilisation period" and was tasked with making sure its IT, compliance and risk management systems were up to scratch.
Official guidance says such a mobilisation period “should take no more than 12 months”, raising questions over why Revolut’s has taken almost two years.
“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,” said Francesca Carlesi, the company's UK CEO.
“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.”
Last year, Revolut’s undetermined status was reported to have caused a row between government and BoE officials. Finance minister Rachel Reeves reportedly tried to broker a meeting to accelerate the process, but was thwarted by BoE governor Andrew Bailey, who is said to have cited concerns over the Bank’s independence.
Receiving a full UK banking licence could potentially help Revolut in its pitch for similar status abroad.
Last week, Sifted reported the company had applied for a US banking licence and recruited former Visa exec Cetin Duransoy to oversee its stateside operations. The company has had a European banking licence since 2018, which it obtained via authorities in Lithuania.
