Digital banking leader Revolut has officially launched its UK bank after receiving regulatory clearance from the Prudential Regulation Authority (PRA), ending a multi-year wait to operate as a fully licensed bank in its home market. The new entity, Revolut Bank UK Ltd, will begin offering current accounts to a limited group of customers, gradually expanding to its 13 million UK users over the coming weeks.
The approval allows Revolut to move beyond the “mobilisation” phase of its banking licence, a preparatory period for operational systems and governance, and start providing full banking services. For the first time, Revolut customers in the UK can hold deposits protected by the Financial Services Compensation Scheme (FSCS), which safeguards up to £85,000 per person.
Since its UK launch in 2015, Revolut has operated under an e-money licence, which ensured deposit safety but did not provide FSCS coverage. Transitioning to a licensed bank positions Revolut to compete directly with both high-street lenders and digital challenger banks, offering deposit accounts, lending products, credit services, and expanded retail and business offerings.
Co-founder and CEO Nik Storonsky described the launch as a pivotal moment in the company’s growth. “Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey. The UK is our home market and central to our growth,” he said. Storonsky added that the move is part of a broader ambition to create “the world’s first truly global bank.”
Revolut’s rollout will be gradual to ensure a smooth transition. New customers will receive current accounts immediately, while existing users will continue using the app for payments and other services until their accounts are migrated, a process expected to take several months. Customers will receive notifications through the Revolut app throughout the transition.
The launch coincides with the company’s plan to invest £3 billion in the UK economy, creating around 1,000 high-skilled jobs, and a £10 billion global investment programme over five years to support expansion into 30 new markets by 2030. Revolut has already started progressing licences in parts of the Americas and other regions.
Francesca Carlesi, chief executive of Revolut UK, said the regulatory approval represents a defining milestone. “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,” she said.
Revolut’s entry as a fully licensed UK bank is expected to intensify competition among Britain’s financial services sector, particularly with digital challengers like Monzo and Starling. Its large existing user base provides a strong platform to quickly adopt FSCS-protected accounts and future lending products, reflecting a wider trend of fintech firms seeking full banking licences to expand services and enhance customer trust.
