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Revolut gets full UK banking licence after years-long wait
Revolut can now offer lending, mortgages, and credit cards with FSCS protection up to £120,000 for 13 million UK customers, after PRA lifted licence restrictions.
- On March 11, 2026 the Prudential Regulation Authority lifted restrictions, allowing Revolut Bank UK Ltd to launch as a bank and offer current accounts to retail and business customers in the U.K. and Northern Ireland.
- Revolut applied in 2021 and entered a mobilisation phase in 2024 after auditors flagged IT flaws affecting revenue verification and the PRA raised risk-control concerns.
- Rolling out accounts to new customers in a few days, existing U.K. customers will get at least two months' notice before staged migrations, with deposits protected up to £120,000 by the Financial Services Compensation Scheme, up from the mobilisation trial deposit cap of £50,000.
- The licence opens the door to balance-sheet services, letting Revolut offer loans, mortgages, credit cards and savings to 13 million U.K. customers, intensifying competition with Barclays, Lloyds and NatWest.
- Last week Revolut filed for a U.S. banking charter and plans a $13 billion investment to reach 100 million customers, create 10,000 jobs, and enter 30 new markets by 2030; some services will remain through separate Revolut entities.
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Revolut finally secures full UK banking license as it continues global push
After four years of trying, Revolut has finally secured a full banking license to form Revolut Bank UK, just days after applying for US license. Read more: Revolut finally secures full UK banking license as it continues global push
Revolut secures UK banking licence after four-year approval process
Revolut has secured a full UK banking licence from the Prudential Regulation Authority following a four-year regulatory approval process.The authorisation allows the fintech company to establish Revolut Bank UK and expand its range of services for its 13 million customers in Britain.Deposits held with the new bank will be protected under the Financial Services Compensation Scheme (FSCC).The protection gives customers the same safeguards availabl…
·London, United Kingdom
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Coverage Details
Total News Sources85
Leaning Left8Leaning Right7Center14Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 28%
C 48%
R 24%
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