After one of the longest regulatory approval processes in recent UK financial history, the Prudential Regulation Authority of the Bank of England has lifted restrictions on Revolut, allowing the fintech to operate as a fully authorized bank in the United Kingdom.
Revolut originally applied in 2021 and had previously received a conditional authorization with significant operational limits. Those restrictions prevented the company from offering a full range of banking products, including deposits protected by the Financial Services Compensation Scheme. With the restrictions now removed, Revolut can expand into full-service banking.
Founded by Nikolay Storonsky, the company now enters a new phase. With tens of millions of global customers and rapidly growing revenue, Revolut is transitioning from challenger bank to fully licensed banking institution in one of the world’s most competitive financial markets.
The competitive implications are significant. Traditional banks such as HSBC, Barclays, and NatWest now face a digitally native competitor operating with full regulatory credentials.
The UK license also opens the door to broader global ambitions, including potential U.S. expansion. The fintech that started as a travel-focused app is increasingly positioning itself as a global banking player.
Revolut is no longer just a challenger bank.
It’s now officially a bank.
