Revolut has announced that it has obtained a British banking license with restrictions from the Prudential Regulation Authority (PRA), the regulatory body responsible for supervising the UK banking sector.
The global fintech now enters the PRA's 'mobilisation' phase, having received the so-called "authorization with restrictions," designed for new banks to complete the construction of their banking operations. Revolut's press release clarifies that this is "a common step for many new banks in the UK."
The restriction period allows new banks to finalize the creation of their banking operations in the UK before launching on the market. Until then, Revolut customers in the UK can continue to use their Revolut electronic money account as they always have.
"We are incredibly proud to have reached this important milestone on the company's journey, and we will do our utmost to make Revolut the preferred bank for customers in the UK," comments Nik Storonsky, CEO of Revolut.
"Today's announcement is a significant step for Revolut and our customers," adds Francesca Carlesi, UK CEO of Revolut. "Being a bank in the UK is a huge responsibility, and we will work tirelessly to offer products and services that improve the financial lives of everyone using Revolut."
Revolut recently published its financial report for 2023, announcing that the Group's revenues have exceeded 2.2 billion dollars, with record pre-tax profits of 545 million dollars.
