Revolut has secured approval from the Prudential Regulation Authority (PRA) to launch its UK bank, ending a lengthy regulatory process and enabling it to expand services for 13 million customers in its home market. The authorization allows Revolut Bank UK Ltd to operate as a fully licensed bank and offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS).We’re now officially a fully licensed bank in the UK.As a bank, we’ll soon offer accounts protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person on eligible deposits. It also means we’ll be able to launch more banking features in the future… pic.twitter.com/fH7K2TQLDd— Revolut (@Revolut) March 11, 2026Gradual Rollout for CustomersThe new bank will begin rolling out current accounts to new customers in the coming weeks, starting small and scaling gradually to ensure stability.Existing customers will continue using the Revolut app and cards as usual, with no immediate changes. The company will notify users before moving them to Revolut Bank UK Ltd in a process expected to take several months.“Launching our UK bank has been a long-term strategic priority,” said founder and CEO Nik Storonsky. “The UK is our home market and central to our growth. We look forward to offering a full suite of services to our customers.”New Investment and Global AmbitionsThe launch follows Revolut’s pledge to invest £3 billion ($4 billion) and create 1,000 high-skilled jobs in the UK. The company also plans global investment of £10 billion over five years and aims to expand into 30 new markets by 2030.Revolut first applied for a UK banking license in 2021 and entered the mobilization phase in 2024, operating under restrictions while the PRA reviewed its readiness. The full license makes Revolut one of the few major fintechs to complete the process, allowing it to compete with established UK banks such as Lloyds, NatWest, and Barclays. This article was written by Jared Kirui at www.financemagnates.com.

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