Revolut Bank UK has received approval from the Prudential Regulation Authority (PRA) to exit the mobilisation phase and operate as a fully licensed bank in the UK.
The bank enters this stage with an existing base of 13 million UK customers and follows Revolut’s recent pledge to invest £3bn and create 1,000 high-skilled jobs in the country.
The approval allows Revolut Bank UK to offer accounts to retail and business customers, with deposits protected by the Financial Services Compensation Scheme (FSCS) on eligible accounts.
It also opens the possibility of introducing additional services in the future, including lending.
The rollout of current accounts will begin in the coming days with a small group of new customers, gradually expanding over the following weeks to ensure a smooth transition.
Existing customers will not experience any immediate changes; their Revolut app and cards will continue to function as usual.
Notifications regarding the migration to the new bank will be sent over the next few months.
Nik Storonsky, Co-Founder and CEO of Revolut, said:
“The UK is our home market and central to our growth. We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe.”
Francesca Carlesi, UK CEO at Revolut, added:
“Securing this license lays the foundation for our next chapter: expanding into a broader suite of products, including credit, to sit alongside the services our customers already rely on every day.”
Featured image credit: Revolut Press Release
