Revolut Launches UK Bank: Full Banking Licence, FSCS Protection, and What Changes for 13 Million Customers

Revolut became a fully licensed bank in the UK on 11 March 2026, when the Prudential Regulation Authority lifted the restrictions on the licence of Revolut Bank UK Ltd. The bank launched with 13 million existing UK customers. Their eligible deposits gain FSCS protection of up to £120,000 once their accounts move from Revolut's e-money company to the bank, a transfer Revolut expected to take a few months.

What did the PRA approve?

The PRA approved Revolut Bank UK Ltd's exit from mobilisation, the restricted start-up phase for new UK banks. Without the restrictions, the bank can take deposits from retail and business customers as a fully licensed bank.

Mobilisation is the stage in which a newly authorised bank finishes building its systems, processes and team. According to the Bank of England, the PRA limits a bank's total deposits to £50,000 during this phase, which should take no longer than 12 months. To exit, the bank applies for a variation of permission.

In its announcement, Revolut said the approval lets it offer FSCS-protected deposit accounts and "paves the way" for lending and other products in the future. Chief executive Nik Storonsky called the UK "our home market and central to our growth".

What changes for Revolut's UK customers?

On launch day, nothing changed for existing customers: the app and cards kept working as before. The change comes when an account moves from Revolut Ltd, an e-money institution, to Revolut Bank UK Ltd.

• Existing customers. Revolut promised at least two months' notice before moving accounts, with transfers in several phased batches over a number of weeks.
• New customers. Current accounts at the bank were rolled out gradually, starting with a small group. People who signed up from 11 March 2026 could still be onboarded to an e-money account with Revolut Ltd at first.
• Protection. Once an account is at the bank, eligible deposits are covered by the Financial Services Compensation Scheme (FSCS).

The FSCS limit rose from £85,000 to £120,000 on 1 December 2025 and applies per eligible person, per authorised firm. The FSCS states that it cannot protect money held with e-money institutions and payment providers: such firms are still regulated by the FCA, but their customers cannot claim FSCS compensation.

Why did Revolut's UK banking licence take so long?

Revolut applied in 2021, received a licence with restrictions in July 2024 and left mobilisation in March 2026, about 20 months later. That is well beyond the 12 months the PRA expects the phase to take.

As CNBC noted, during mobilisation Revolut could hold only £50,000 of customer deposits at the bank, while its UK customers kept using e-money accounts. Its financial reporting had drawn scrutiny before: Revolut filed its 2021 accounts late, and its auditor BDO said it could not verify a large part of that year's revenue, while Revolut said the overall revenue figure was not in question.

The process also became political. In July 2025 the Financial Times reported that Bank of England governor Andrew Bailey had stopped a meeting between Treasury officials, Revolut and the PRA that Chancellor Rachel Reeves had tried to arrange, over concerns about the independence of bank regulation.

What does the licence let Revolut do in the UK?

It lets Revolut hold deposits as a bank and, over time, lend to UK customers directly. Revolut did not give a date for UK lending products.

Revolut's UK chief executive Francesca Carlesi said the licence lays the foundation for "a broader suite of products, including credit". Revolut already offers banking services elsewhere in Europe through its Lithuanian bank, Revolut Bank UAB, and Storonsky said the company would bring "the same innovative experience" to UK customers. In the UK, lending would add interest income to the fees Revolut earns from cards, subscriptions and currency exchange. Revolut's results for 2025, published later in March, are analysed in Revolut's record $2.3 billion profit.

How does the UK bank fit Revolut's global plans?

The UK is Revolut's home market and a central part of its investment plan. In September 2025 Revolut pledged £3 billion and 1,000 high-skilled jobs in the UK, within a £10 billion, five-year plan to create 10,000 jobs worldwide.

Revolut also aims to launch in 30 new markets by 2030. Earlier in March 2026 it announced an application for a US banking licence. According to CNBC, the company had 70 million customers worldwide and was valued at $75 billion in 2025. Its shares remain private and change hands only in private deals, as explained in what pre-IPO is.

What are the risks?

The licence improves protection for depositors, but it does not remove the business and investment risks of a private company.

• Migration. Moving 13 million customers to a new legal entity is a large operational task; Revolut expected it to take months.
• Credit. Lending adds the risk that borrowers do not repay, which grows with the loan book.
• Regulation. As a bank, Revolut must meet PRA capital and liquidity requirements, and its past reporting problems drew close scrutiny from regulators.
• Scope of protection. FSCS deposit protection covers eligible deposits, not the market value of shares or crypto bought through the app.
• Private shares. There is no public market for Revolut shares; prices come from private deals. Questions to ask before such a deal are covered in how to evaluate a pre-IPO company.

Update (October 2026): In August 2026 MoneyWeek reported that Revolut had started moving existing UK customers to bank accounts in stages, contacting each group one to two weeks before the switch, with account numbers and sort codes unchanged.