Revolut’s Journey to Full Banking Status
Revolut first launched in the UK in 2015 as a money transfer and exchange service. Over the years, it has evolved into a comprehensive financial platform, amassing 13 million customers in the UK alone. The company has been operating under a restricted banking licence since 2024, which limited total customer deposits to £50,000. This restricted status was a significant step for Revolut, as it sought to establish a stronger foothold in the competitive banking sector.
Breaking Development: Full Banking Licence Granted
On March 11, 2026, Revolut announced that it has received a full banking licence from the Prudential Regulation Authority (PRA). This development allows the company to offer accounts for both retail and business customers in the UK, marking a significant milestone in its operations. The full licence enables Revolut to expand its services, including the introduction of current accounts for new customers within days.
Statements from Key Figures
Nik Storonsky, the founder and CEO of Revolut, expressed his enthusiasm regarding the new licence, stating, “Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey.” He emphasized the importance of the UK market, noting, “The UK is our home market and central to our growth.”
Plans for Expansion and Job Creation
With the new banking licence, Revolut has ambitious plans for the future. The company has committed £3 billion in investment for UK expansion and aims to create 1,000 jobs in the country. Additionally, Revolut has set a target of launching a full suite of banking services and plans to expand into 30 new markets by 2030. This strategic move is expected to enhance the company’s offerings and further solidify its position in the financial services industry.
Future Services and Customer Experience
Francesca Carlesi, a key executive at Revolut, highlighted the significance of the full banking licence, stating, “Securing this licence lays the foundation for our next chapter: expanding into a broader suite of products, including credit.” She added, “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.”
The granting of a full banking licence to Revolut marks a pivotal moment in the company’s evolution and the broader landscape of digital banking in the UK. As it prepares to roll out new services and expand its market presence, observers will be closely watching how Revolut navigates this new chapter in its growth trajectory.