In brief: Revolut officially becomes a bank in the UK

The British neobank Revolut is taking another crucial step in the validation of its model. It has recently officially validated its status as a bank in its original market, after exiting the phase of restrictions applied by the Prudential Regulation Authority (PRA) following theobtaining its first authorisation. Today, Revolut has a full British banking license.

Revolut Bank UK Ltd is now authorized to operate as a bank in the United Kingdom, supervised by PRA and CFA, as well as other banks in the country. Revolut's UK customers will see their accounts migrate to the new entity in the coming months, gradually.

This new status allows Revolut to enhance the security and protection of its customers. As a result, its customers' eligible deposits will now be protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person.

New terms and conditions will apply after transition, as well as changes in the status of personal data manager. However, the existing services of the bank should not be changed. Revolut Bank UK Ltd will subsequently offer new services to complete its offer.

International Consecration

Revolut counted 10 million customers in the UK in 2024. This new recognition in its home territory should allow it to further consolidate its position as a major financial player in the United Kingdom.

But Revolut is now working even more extensively to establish itself as a key player in financial services, including in the United States where it has also asked again his US national banking license.

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