Finance
Revolut gets full UK banking licence after years-long wait
Published by Global Banking & Finance Review®
Posted on March 11, 2026
2 min readLast updated: March 11, 2026
Quick Summary
Revolut has received regulatory approval for a full UK banking licence, ending a multiyear effort to transition from an e‑money provider to a fully licensed bank. The move enables Revolut to offer current accounts, hold deposits protected by UK safeguards, and broaden its financial services.
Revolut gets full UK banking licence after years-long wait
Revolut’s UK Banking Licence Approval: Key Details and Industry Impact
Background and Timeline
LONDON, March 11 (Reuters) - Britain's Revolut said on Wednesday that regulators had lifted restrictions on its UK banking licence, allowing it to launch as a bank and ending a years-long wait for the financial technology firm to start offering UK customers current accounts.
The financial services app, which has 13 million UK customers but no physical branches, was granted a licence with restrictions in 2024, after a three-year wait, and had been in a "mobilisation" phase.
Rollout Plans and Customer Transition
Current Account Launch
Revolut, Europe's most valuable start up after years of rapid growth globally, will start rolling current accounts to new customers "in a few days" it said, and expects the process of moving customers to the new bank to take "a few months in total". The company already has a banking licence in some other countries.
Leadership and Strategic Vision
CEO Statement
""Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey. The UK is our home market and central to our growth," Nik Storonsky, co-founder and CEO of Revolut, said in a statement.
Industry Perspective
Expert Commentary
"This is the moment Revolut really transfers from large scale fintech disruptor to a fully-fledged mainstream banking competitor. The full licence will open the door to balance sheet driven products and sharpen pressure on both traditional banks and the cohort of challenger banks," said Elliot Reader, Director in Houlihan Lokey’s FinTech Group.
(Reporting by Tommy Reggiori Wilkes; Editing by Elizabeth Howcroft)
Key Takeaways
- •The licence marks the culmination of Revolut’s approximately three‑year application process, starting from its 2021 submission to the Bank of England and PRA.
- •Revolut now exits the ‘mobilisation’ phase—previously operating under restrictions, such as a £50,000 deposit cap—and can begin offering full banking services in the UK under FSCS protection.
- •This development paves the way for new revenue streams (like loans, mortgages, and overdrafts), reinforces its home‑market growth strategy, and strengthens its competitive position against digital banks like Monzo and Starling.
Frequently Asked Questions about Revolut gets full UK banking licence after years-long wait
1What licence did Revolut receive in the UK?
Revolut received regulatory approval for a full UK banking licence.
2What services will Revolut offer after securing this licence?
Revolut can now offer UK customers current accounts.
3Who announced the approval of Revolut’s UK banking licence?
Nik Storonsky, Co-Founder and CEO of Revolut, made the announcement.
