After nearly five years of regulatory scrutiny, Revolut is officially a bank in the United Kingdom. Revolut Bank UK Ltd has received regulatory approval from the Prudential Regulation Authority (PRA) to exit the mobilisation phase and launch as a bank in the UK. Revolut
The announcement, made on March 11, 2026, ends one of the longest and most closely watched licensing processes in British fintech history — and opens the door to lending, credit products, and full deposit protection for Revolut's massive UK user base.
What Happened: PRA Lifts All Restrictions
Following a successful mobilisation period, the PRA has lifted restrictions on Revolut's banking licence, and given approval to launch its UK bank, Revolut Bank UK Ltd. Revolut The new entity will serve both retail and business customers as a fully authorised bank, supervised by the PRA and the Financial Conduct Authority.
The launch comes with an existing base of 13 million UK customers Revolut — a scale no other company has ever had at the point of receiving a full UK banking licence.
What Changes for Existing Revolut Customers
For existing users, the transition will be gradual rather than immediate.
Revolut will gradually begin the process of rolling out current accounts to new customers, starting with a small group and expanding over the coming weeks. Revolut Existing customers will continue using their app and cards as normal while being migrated to the new banking entity over the coming months. Revolut will give at least two months' notice prior to moving accounts over to the bank. Revolut
The most significant practical change is deposit protection. Eligible deposits up to £120,000 per person are now protected by the UK's Financial Services Compensation Scheme (FSCS) BBN Times — the same safety net that covers customers of traditional high street banks like Barclays, HSBC, and Lloyds. Until now, Revolut's UK customers held their money in an e-money account, which does not carry the same protections as a bank deposit. PaymentExpert
Why the UK Banking Licence Took So Long
Revolut's path to full authorisation was anything but straightforward.
Revolut was granted a banking licence with restrictions in July 2024 from the PRA, after beginning the application process in 2021. CNBC That restricted licence placed the company in a "mobilisation phase" — a supervised period designed to test operational readiness before full-scale launch.
The mobilisation phase typically lasts around 12 months, but Revolut's stretched to 18 months European Business Magazine — the longest on record for a newly licensed UK bank. Several factors contributed to the delay.
Repeated scrutiny over the late filing of accounts, and auditor concerns over the reliability of reported revenues, culminated in increased pressure over its suitability to receive a UK banking licence. PaymentExpert Regulators also questioned whether Revolut's compliance systems, particularly around anti-money laundering and fraud detection, could scale safely with its rapid international growth.
During the mobilisation phase, Revolut was limited to holding only £50,000 in total customer deposits CNBC — a fraction of what major UK lenders hold.
The process even took on a political dimension. Chancellor Rachel Reeves reportedly attempted to arrange discussions between Revolut and PRA officials, a move that Bank of England governor Andrew Bailey blocked on the grounds it could undermine regulatory independence. European Business Magazine
Why the Licence Matters: Lending, Credit, and Revenue Diversification
Beyond deposit protection, the full banking licence unlocks an entirely new business model in the UK.
While Revolut has offered credit products in Europe for some time — operating under its Lithuanian banking licence — that capability has not been available in the UK until now. PaymentExpert The full licence enables Revolut to offer lending, overdrafts, and credit products to its 13 million domestic customers for the first time.
The licence enables the company to deepen relationships with existing customers and generate more stable revenue through lending and deposit-based products rather than relying heavily on transaction fees. Retail Banker International For a company valued at $75 billion, the shift from payments-focused revenue to a broader banking model is strategically significant.
Revolut's Global Expansion Plans
The UK licence is a cornerstone of a much larger ambition.
The company recently announced a global £10 billion ($13 billion) investment over five years, in addition to creating 10,000 new jobs as it expands its global footprint. Revolut Within that, Revolut has committed £3 billion ($4 billion) specifically to UK operations, along with 1,000 high-skilled jobs.
The company announced earlier this month that it had applied for a U.S. banking licence. CNBC Combined with existing licences in the EU (through Lithuania), Mexico, and Colombia, the UK approval accelerates Revolut's stated goal of operating in 30 new markets by 2030.
Regulators in other countries were expected to rely heavily on the UK authority's evaluation as Revolut's home regulator — meaning the PRA's sign-off functions as a global passport of confidence European Business Magazinefor any institution seeking multi-jurisdictional banking status.
Revolut currently has 70 million customers worldwide CNBC, and the company hopes its continued expansion can help it reach 100 million customers by mid-2027. Thundertiger-europe
What This Means for UK Banking Competition
The competitive implications are hard to overstate.
The FSCS protection now extended to Revolut customers removes one of the last psychological barriers to mass migration away from legacy banks. European Business Magazine For millions of users who appreciated Revolut's product but hesitated over deposit safety, that concern has now been eliminated.
Revolut's $75 billion valuation now places it on par with Barclays. Thundertiger-europe The fintech brings superior mobile-first technology and a product suite that spans payments, currency exchange, cryptocurrency trading, stock investing, and now full banking — all within a single app.
Revolut is also reportedly exploring a dual listing in London and New York Thundertiger-europe that could make it the first company to join the FTSE 100 while simultaneously listing in the U.S.
The full UK banking licence, after four years of regulatory effort, transforms Revolut from a fintech disruptor operating at the edges of the banking system into a fully regulated competitor playing on the same field as the institutions it set out to challenge.