Revolut Receives Approval to Launch Full Banking Services in the UK

ICOHOIDER · 2026-03-12T11:49:53+00:00

Revolut has gained regulatory approval to operate as a fully authorized bank in the UK, transitioning from an electronic money institution. This allows for expanded services, including secure deposit accounts, and supports a $4 billion investment plan and job creation.

ICOHOIDER

2026-03-12 11:49:53

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Revolut has received regulatory approval to exit the mobilization phase and begin operating as a fully authorized bank in the United Kingdom. The decision was confirmed on March 11, 2026, by the Prudential Regulation Authority, allowing the company to expand its services for millions of customers.

The transition enables Revolut Bank UK Ltd to move from operating as an electronic money institution to a fully licensed bank. The rollout of full banking services will begin gradually in the coming weeks for new users, while the platform’s existing 13 million UK customers will be migrated to the new banking system over the following months.

New Services and Investment Plans

With the new banking status, Revolut will be able to offer deposit accounts protected by the Financial Services Compensation Scheme, providing customers with additional security for their funds. The move also lays the foundation for future lending products and expanded financial services.

The launch is part of the company’s broader commitment to invest approximately $4 billion (£3 billion) in the UK and create around 1,000 high-skilled jobs. According to Nik Storonsky, co-founder and CEO of Revolut, the launch of a UK bank has been a long-term strategic goal and represents a major milestone in the company’s development.

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