Revolut starts lending in the UK and will open personal loans to 14 million customers

Revolut, the London-based fintech with more than 80 million customers worldwide, started offering unsecured personal loans in the UK on October 26, 2026. The loans range from £2,000 to £25,000 at rates of 6.9% to 29.3%, and they are its first credit product since Revolut became a fully licensed UK bank in March. A credit card is due next, and mortgages are a longer-term plan.

What has Revolut launched in the UK?

Revolut now offers unsecured personal loans of £2,000 to £25,000, repayable over one to five years, with rates from 6.9% to 29.3%. UK chief executive Francesca Carlesi confirmed the launch to Reuters.

The rollout is gradual: Revolut is starting with a selected group of customers and will widen access to its roughly 14 million UK customers over the coming months. It has set no overall lending target for Britain. Because it lacks decades of borrower history, Revolut bought data from external providers to support its underwriting.

Why does lending matter for Revolut?

Loans are a core source of income for traditional banks, and in Britain Revolut is only now adding them to its own bank. Its revenue per customer is still well below that of traditional banks, Reuters reports, and lending is the most direct way to raise it.

The launch puts Revolut in direct competition with NatWest, Lloyds, Barclays, Santander UK and HSBC. Revolut was valued at $115 billion in a secondary share sale in July 2026, which Reuters says is more than its listed rivals Barclays and NatWest. In 2025 the company reported revenue of $6 billion and pre-tax profit of $2.3 billion.

How long did Revolut wait to lend in the UK?

About 20 months. Revolut received a UK banking licence with restrictions in July 2024 and was allowed to exit the mobilisation phase on March 11, 2026, Tech.eu reported. At that point it had 13 million UK customers; seven months later it has about 14 million.

How will Revolut manage the credit risk?

Revolut does not plan to keep most of the risk on its own balance sheet. It intends to offload much of its lending through securitisation and to keep its loan-to-deposit ratio close to 6%, far below other banks.

What comes next for Revolut's UK bank?

A credit card is planned "in the near future", and Revolut eventually wants to enter the UK mortgage market, with no timing given. Carlesi's stated goal is to become the primary bank for everyone in the UK. Outside Britain, Revolut received conditional approval for a US national bank in September 2026.

Disclosure: Revolut is one of the companies available to investors on the AMCH platform, the publisher of this blog.

What are the risks?

The launch comes amid cost-of-living pressure, a soft labour market and rising inflation in the UK, which could weaken borrowers' ability to repay, Reuters notes. The Prudential Regulation Authority also ordered a section 166 review earlier in 2026 into the risks of how quickly Revolut launches products, the Financial Times reported, as summarised by PYMNTS; such a review can lead to enforcement action if it finds failures. The $115 billion valuation comes from a sale of existing shares, not a new funding round.