The launch comes with an current base of 13 million UK clients.
Revolut secures full UK banking licence after 4-year wait (Picture: Getty)
Revolut has formally launched as a UK financial institution after receiving regulatory approval, with restrictions on its banking licence lastly lifted. The approval, which was granted by the Prudential Regulation Authority (PRA), has allowed Revolut Financial institution UK to exit the mobilisation section it has been in since July 2024. It first utilized for the UK banking licence in 2021.
The launch comes with an current base of 13 million UK clients and follows Revolut’s current dedication to take a position £3billion and create 1,000 high-skilled jobs within the UK. It signifies that Revolut Financial institution UK Ltd will be capable to begin providing accounts as a totally licensed financial institution for each retail and enterprise clients. It allows Revolut to supply accounts protected by the Monetary Providers Compensation Scheme (FSCS) on eligible deposits and paves the way in which for a wider vary of companies sooner or later, together with lending and different merchandise.
The launch comes with an current base of 13 million UK clients. (Picture: Getty)
Nik Storonsky, co-founder and CEO of Revolut, stated: “Launching our UK financial institution has been a long-term strategic precedence for Revolut, and marks a big second in our journey. The UK is our residence market and central to our development.
“We stay up for introducing a full suite of banking companies to our tens of millions of UK clients, bringing the identical progressive expertise we already present throughout the remainder of Europe. It is a important step in our mission to construct the world’s first actually world financial institution.”
What does it imply for brand spanking new and current clients?
Revolut will step by step roll out present accounts to new clients in just a few days, beginning with a small group and increasing over the approaching weeks to make sure a easy consumer expertise.
For current clients, Revolut stated nothing will change instantly, and clients’ Revolut app and playing cards will proceed to work as regular.
They are going to be notified within the coming days concerning the migration to the brand new financial institution, a course of that’s anticipated to take just a few months in whole.
“Securing this licence lays the inspiration for our subsequent chapter: increasing right into a broader suite of merchandise, together with credit score, to sit down alongside the progressive companies our clients already depend on every single day.
“This may now allow us to proceed on our mission to ship essentially the most seamless, safe, and customer-centric banking expertise for customers throughout the UK.”
Leave a Reply