According to reports from Bloomberg, based on a source cited, Revolut is poised to receive its full UK banking licence from the Prudential Regulation Authority (PRA) this week.

This approval would conclude a licensing process that started in 2021 and pave the way for further expansion plans by the company.

Revolut entered its mobilisation stage, a transitional phase where new banks operate under certain restrictions while being assessed by the PRA, in July 2024. During this period, Revolut’s banking subsidiary was allowed to test its systems with limited customer involvement, whereas most of its 12 million UK users remained within their e-money institution, regulated separately by the Financial Conduct Authority (FCA). This mobilisation phase typically lasts for no more than a year but extended beyond 19 months for Revolut due to the complexity involved in authorising such a large-scale firm.

As of now, PRA has not commented on the matter, nor has Revolut responded to requests for further information.

Lending Products, Deposit Protection, and International Expansion

With full authorisation, Revolut will be able to offer lending products such as personal loans, credit cards, and overdraft facilities to UK customers, which it already provides in Europe under licences from the Lithuanian and European central banks. Moreover, UK customers will also be eligible for coverage under the Financial Services Compensation Scheme, providing protection of up to GBP 120,000 for deposits in case of bank failure.

This new licence is anticipated to alleviate a significant barrier to Revolut’s international expansion efforts. The PRA’s prolonged review has impacted the company’s applications for authorisation in other markets, particularly in the US, where Revolut had applied for a national bank charter with the Office of the Comptroller of the Currency (OCC) and plans to target growth in 2026 as part of its vision to reach 100 million users across 100 markets.

CEO Nik Storonsky had previously acknowledged that Revolut’s early focus on rapid growth over regulatory compliance was a strategic error. Valued at USD 75 billion, the company has also attracted investments from Nvidia and entered into a partnership with OpenAI. Additionally, Revolut is considering options for a potential stock market listing in the UK or elsewhere.