- Crypto-friendly fintech platform Revolut has secured a banking license in the UK.
- The digital bank has 9 million customers in the UK and 45 million globally.
After three years of waiting, crypto-friendly fintech company Revolut has finally obtained a banking license from the UK’s banking regulator, the Prudential Regulation Authority (PRA).
Revolut announced this milestone in a press release on Thursday, July 25, noting that the next phase is “mobilization.” Also known as “limited licensing,” this is a step in the licensing process that many new banks must complete as part of establishing operations before launching to market.
“We are incredibly proud to have reached this important milestone in our company’s journey and are committed to making Revolut the bank of choice for UK customers,” Revolut CEO Nik Storonsky said in a statement.
UK customers are not affected
According to Revolut, the restricted period, which includes the “mobilization” phase, will not affect UK customers. The bank, which has over 9 million customers in the UK and 45 million worldwide, has assured UK customers that their Revolut digital currency accounts will continue to function as normal.
Commenting on the development, Francesca Carlesi, Revolut’s UK CEO, said:
“Today’s announcement is an important step forward for Revolut and our customers. Becoming a bank in the UK is a huge responsibility and we will continue to work tirelessly to deliver products and services that improve the financial lives of everyone who uses Revolut.
Revolut first applied for a UK licence from the PRA in 2021.
In May this year, Revolut announced the launch of a new cryptocurrency trading platform called Revolut X.
The standalone cryptocurrency platform is intended for professional crypto traders and offers access to on/off ramps and low fees. At the time, the fintech said these features would allow Revolut X to compete with major exchanges in the market.