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Revolut receives a full banking license in the United Kingdom
This move marks an important step in Revolut’s path toward becoming a global digital bank. At the same time, cryptocurrency and stock trading services will remain outside the scope of the new banking division.
Revolut, a London-based fintech company focused on cryptocurrency services, announced that it has received a full banking license in the United Kingdom. This will allow the company to offer a wider range of services and provide deposit protection for eligible funds — nearly two years after receiving a restricted registration.
The company, which reached an estimated valuation of about $75 billion during a funding round in November, has created a new entity called Revolut Bank UK Ltd. Client accounts will be migrated over the coming months, according to a statement published on the company’s website.
This completes a regulatory process that began several years earlier. In 2024, Revolut received a restricted UK license and entered the mobilization stage designed for new banks. The approval comes shortly after Revolut applied for a banking license in the United States.
The bank will be supervised by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) — under the same regulatory framework that applies to traditional UK banks. Under the changes, eligible customer deposits will be protected by the Financial Services Compensation Scheme (FCSC), which covers up to £120,000 ($160,000) per person in the event of a bank failure.
The migration of accounts to the new bank will occur gradually. Users will receive notifications via email or through messages in the app when their accounts are ready to be transferred.
Most everyday functions will remain unchanged. Account numbers, sort codes, and IBAN details will stay the same, the company said, and the Revolut app will continue to display past transactions and statements.
Some services will remain outside the new banking entity. Savings balances will still be placed with partner banks, each of which has its own coverage limits under the FCSC scheme. Cryptocurrency, commodities, and stock trading will continue to operate through separate Revolut entities.
