Revolut, the renowned fintech firm known for its crypto-friendly services, has achieved a significant milestone by securing a banking license from the United Kingdom’s Prudential Regulation Authority (PRA). This long-awaited development, announced on Thursday, July 25, marks a pivotal moment in Revolut's strategy to expand its financial offerings and solidify its presence in the UK banking sector.
The licensing process, known as 'Authorisation with Restrictions', involves a mobilization stage where new banks build out their operations before fully launching into the market. For Revolut, this stage signifies the final preparatory phase before it can operate as a full-fledged bank in the UK.
"We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers," stated Nik Storonsky, CEO of Revolut, emphasizing the company's commitment to enhancing its banking services.
Despite the ongoing mobilization phase, Revolut reassures its over 9 million UK customers that there will be no disruption to their current services using the Revolut e-money account. This continuity ensures that customers can continue to benefit from Revolut's innovative financial solutions seamlessly.
Francesca Carlesi, UK CEO of Revolut, expressed enthusiasm about the announcement, highlighting the responsibility that comes with being a licensed bank in the UK. "Today’s announcement is a significant step forward for Revolut and for our customers. We are dedicated to providing products and services that enhance the financial well-being of everyone who uses Revolut," remarked Carlesi.
Revolut's journey towards obtaining a UK banking license began in 2021 when the company first applied to the PRA. This achievement aligns with Revolut's broader strategy to expand its financial capabilities beyond its initial offerings as a digital banking alternative.
Earlier in May this year, Revolut made headlines with the launch of Revolut X, a new crypto exchange platform designed for professional crypto traders. This standalone platform provides advanced features such as on and off ramps for cryptocurrencies and competitive fee structures, positioning Revolut X to compete with established crypto exchanges in the market.
July 2024, Cryptoniteuae