Revolut has received a full banking license in the United Kingdom 0 11

The Prudential Regulation Authority (PRA) has lifted the restrictions that were imposed when the license was issued two years ago, Revolut reported.

In July 2024, Revolut, which has 13 million customers in the UK, received permission to conduct banking activities in the country with restrictions that limited the deposit amount to £50,000. Although credit institutions typically receive a full license within 12 months of being granted an initial permission, Revolut's wait was prolonged, partly due to the scale of the startup. The licensing process was closely monitored by the government, notes the FT.

Revolut already held a Lithuanian banking license, allowing the company to operate throughout the European Union. The UK license will enable the startup to begin lending in its home market and will also provide greater protection for customer accounts. It will also mean that Revolut will be subject to more rigorous oversight from regulators.

Additionally, Revolut has received permission from the Financial Conduct Authority (FCA) to offer consumer credit services to its customers in the UK. This opens up the possibility for the company to launch a credit card two years after Revolut applied for a consumer credit license as a separate step from its banking license application.

Last week, Revolut applied for a banking license in the United States. The application will be reviewed by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). The startup plans to operate in the US as Revolut Bank US.

Revolut was founded in 2015 in London by Nikolay Storonsky and Vladislav Yatsenko. The company is valued at $75 billion, and its app is used by around 70 million customers worldwide.