Revolut obtains a full banking licence in the United Kingdom

Revolut has secured a major success that is set to have international repercussions.

After four years of applications and difficult negotiations, the fintech’s lengthy campaign has come to an end: Revolut has finally been granted a full banking licence in the United Kingdom. The approval was issued by the Prudential Regulation Authority, the Bank of England’s banking supervisor.

For eleven years, the company has offered a broad range of financial services similar to those provided by traditional banks. These include current accounts, bank cards, currency exchange, stock-market and cryptocurrency investment products, as well as services aimed at business customers.

Revolut’s full UK banking licence

Until now, Revolut had operated locally as a payment institution. This banking licence will transform its scope of activity, enabling it to provide services such as credit cards and other financing solutions.

A $75 billion valuation

The announcement is naturally welcome news for Revolut co-founder and CEO Nik Storonsky:

“Launching our bank in the UK has long been a strategic priority for Revolut, and marks an important milestone in our development. The UK is our home market and is central to our growth. We look forward to introducing a full range of banking services to our millions of British customers, bringing them the same innovative experience that we already offer across the rest of Europe. This is an essential step in our mission to build the first truly global bank.”

International ambitions for Revolut

The fintech is not stopping there. Already holding a banking licence within the EU, in Lithuania, it is also working to obtain the same authorisation in the United States. In terms of scale, it has little to envy from other major European banks. With a valuation of $75 billion, it is ahead of French giants such as Société Générale and Crédit Agricole, valued at around €50 million each.

Revolut continues to move forward, having announced a global investment plan worth €11.5 billion over five years and the creation of 10,000 jobs. The company intends to enter 30 new markets by 2030. For further details, readers can revisit our previous article examining the importance of remote working within the company’s internal culture.