Revolut Secures UK Banking Licence

Fintech firm Revolut Ltd. has secured a preliminary banking licence from UK regulators. This will allow the company to enter a mobilisation phase to test systems and gradually roll out new services.

Once restrictions are lifted and a full licence is obtained, Revolut will become a fully-fledged online bank, able to offer overdrafts, loans, and savings products to its customers.

Additionally, customer accounts will be covered by the UK’s Financial Services Compensation Scheme, which protects deposits up to £85,000 ($109,500) in the event of company insolvency.

Until the mobilisation phase is complete, Revolut will continue to operate in the UK as a regulated financial service under the FCA.

The company first applied for a banking licence in the country in early 2021.

According to the 2023 financial report, the group’s revenue exceeded $2.2 billion, with a record pre-tax profit of $545 million.

In May, Revolut launched Revolut X, a cryptocurrency platform aimed at experienced traders, independent of its app.