Fintech Revolut Received Authorization to Act as a Full Bank in the United Kingdom
Revolut, a digital bank based in London, United Kingdom. Photo: Courtesy
TL;DR
- Revolut Bank UK has obtained regulatory approval from the PRA to operate as a licensed bank.
- This allows offering full banking services, including FSCS-protected deposit accounts.
- Future services like credit products will also become available.
- The launch will begin with new customers in the coming days and expand over weeks.
- Existing customers will be notified about a migration process expected to last several months.
- The UK is a strategic and key market for Revolut's growth.
- Revolut also received authorization for incorporation in Colombia and is seeking a operating license there.