On Wednesday, March 11, 2026 Revolut received regulatory approval to launch a licensed bank in the United Kingdom. The Prudential Regulation Authority has lifted restrictions on the banking license of the company. This has enabled the company to start operating as Revolut Bank UK Ltd.
This approval will enable Revolut to offer protected accounts under the Financial Services Compensation Scheme. The scheme will allow eligible deposits up to £85,000 per customer in the event of bank failure. This protection applies to deposits held with the new UK banking entity.
Currently, Revolut has 13 million customers in the United Kingdom. This is its largest customer base. The new bank will help the company extend its banking services to retail and business clients.
The company stated that it would start with a rollout of current accounts in phases. This means that access to current accounts will start with a few customers and then extend to more in the coming weeks.
Existing customers of Revolut will not notice any immediate change. The company is planning to phase in its current account migration to its new banking platform. This transition is expected to take a few months.
The company has confirmed its cryptocurrency trading services will remain separate. Crypto trading operates through another entity, and the process happens on the same app. These crypto trading services are not protected under the Financial Services Compensation Scheme.
According to Nik Storonsky, co-founder and CEO of Revolut, the process of launching a UK bank has been their long-term strategy. He said, “This is a major milestone for us, and the UK market has been and will remain at the center of our growth strategy.”
The analysts believe the approval will impact the UK’s financial industry. Elliot Reader, the director at Houlihan Lokey’s fintech group, said the approval will impact the position of the company in the market. The company can compete with traditional financial institutions.
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Elliot said the full license will enable the company to offer balance sheet-based products. This will impact the traditional and challenger banks operating in the UK.
The news comes at a time when the company is pursuing its global expansion strategy. The company has pledged to invest £3 billion in the United Kingdom. This includes creating 1,000 high-skilled jobs.
Revolut has also announced its investment plans on a global scale. Revolut has planned to make an investment of £10 billion globally. It has also planned to create 10,000 jobs as it expands to 30 new markets by 2030.
Earlier this month, the company filed an application with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to obtain a de-novo-Banking-Charter in the US. This comes after Revolut decided to abandon its plan to acquire a bank in the US.
In the UK, Revolut has been selected by the Financial Conduct Authority to participate in its sandbox program. The program is to test fiat-pegged stablecoins. It is part of a broader effort to establish regulations on digital asset payment and settlement systems.
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