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Revolut Gets UK Banking License, Faces Restrictions
After a three-year wait, fintech giant Revolut has secured a banking license in the UK, though with some restrictions imposed by the Prudential Regulation Authority (PRA).
“Nothing changes for UK customers during this restricted period, which is to allow new banks like Revolut to complete the build-out of their UK banking operations ahead of launching in the market,” Revolut says. “Until then, UK customers can continue to use their Revolut e-money account as they always have.”
Restricted Start
This marks a significant milestone for the company, which will now enter a “mobilization” phase to fully establish its banking operations in the UK. During this period, Revolut can only hold up to £50,000 in total customer deposits.
Despite these limitations, the company remains optimistic about its future. Revolut CEO Nik Storonsky expressed pride in reaching this stage and emphasized the company’s commitment to becoming the preferred bank for UK customers.
Rapid Growth
It’s worth noting that Revolut has been experiencing rapid growth, with record profits of $428 million in 2023, and plans to increase its global workforce by 40% this year.
While the full impact of this license on Revolut’s services will unfold in the coming months, it undoubtedly strengthens the company’s position in the UK financial market.
Commenting on the latest developments, Francesca Carlesi, UK CEO of Revolut, describes the addition of a UK banking license with restrictions as “a significant step forward for Revolut and for our customers”.
“It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut,” she continues.
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