Digital banking giant Revolut has officially launched its UK bank after receiving regulatory approval from the Prudential Regulation Authority (PRA), marking a major milestone in the fintech company’s long-running push to establish itself as a fully licensed bank in its home market.
The new entity, Revolut Bank UK Ltd, will gradually begin rolling out current accounts to customers, starting with a limited group before expanding to the company’s 13 million UK users over the coming weeks.
The approval allows Revolut to move out of the “mobilisation” phase of its banking licence, the period during which a company prepares operational systems and governance before offering full banking services.
For the first time, Revolut customers in the UK will be able to hold deposits protected by the Financial Services Compensation Scheme (FSCS), which safeguards eligible deposits of up to £85,000 per person.
The launch of the UK bank enables Revolut to begin offering deposit accounts with FSCS protection, bringing it into closer competition with established high-street lenders and digital challenger banks.
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