According to a source cited by Bloomberg, Revolut is poised to receive its full UK banking licence from the Prudential Regulation Authority (PRA) this week.
This authorisation would conclude a licensing journey initiated by the company in 2021 and pave the way for further expansion plans.
In July 2024, Revolut entered the mobilisation stage—a transitional phase during which new banks operate under certain restrictions while being assessed for readiness. During this period, the firm’s banking subsidiary was allowed to test its systems with a limited number of customers. Meanwhile, most of its 12 million UK users continued their activities through an e-money institution regulated separately by the Financial Conduct Authority (FCA). Typically, the mobilisation phase lasts up to 12 months but extended for Revolut by more than 19 months due to the complexity of authorising a firm of such scale.
As of the current date, both the PRA and Revolut declined to provide further comments on this matter.
Lending, Deposit Protection, and International Expansion
With full authorisation in hand, Revolut will be able to offer UK customers lending products such as personal loans, credit cards, and overdraft facilities, which it already provides in Europe under licenses from the Lithuanian and European central banks. Additionally, UK customers will now have deposit protection through the Financial Services Compensation Scheme up to GBP 120,000 if a bank failure occurs.
This new licence is anticipated to ease Revolut’s path for international expansion, particularly in the US where it has applied for a national bank charter with the Office of the Comptroller of the Currency (OCC) and aims to achieve growth in 2026 as part of its plan to reach 100 million users across 100 markets.
Nik Storonsky, Revolut’s CEO, had acknowledged that prioritizing rapid growth over regulatory compliance was a mistake. With the UK licence now on track for approval, this strategic focus appears to be changing. Valued at USD 75 billion, and backed by investments from Nvidia and a partnership with OpenAI, Revolut is also considering a potential stock market listing in the UK or abroad.
