Cryptocurrency-enabled fintech platform Revolut has received a banking license in the UK.
The digital bank has nine million customers in the UK and 45 million worldwide.
After a three-year waiting period, crypto-friendly fintech company Revolut has finally received a banking license from the UK banking regulator, the Prudential Regulation Authority (PRA).
Revolut announced the milestone in a news release on Thursday, July 25, saying that the next step is the “mobilization” phase, also known as “restricted authorization,” a step in the licensing process that many new banks must complete as part of building out their operations before entering the market.
“We are incredibly proud to reach this important milestone in our journey and are committed to making Revolut the bank of choice for UK customers,” Revolut CEO Nick Storonski said in a statement.
UK customers unaffected
Revolut said the “mobilization” phase of restrictions will not affect its UK customers. The bank, which has more than nine million customers in the UK and 45 million worldwide, assured UK customers that access to their Revolut e-money accounts will continue as normal.
Commenting on the development, Revolut UK CEO Francesca Carlesi said:
“Today's announcement marks a major step forward for Revolut and our customers. Being the UK's bank is a big responsibility and we will continue to work tirelessly to deliver products and services that improve the financial life of everyone who uses Revolut.”
Revolut first applied for a UK licence with the PRA in 2021.
In May of this year, Revolut announced the launch of a new cryptocurrency trading platform called Revolut X.
The standalone crypto platform is aimed at professional crypto traders and offers on- and off-ramps access and low fees, features that the fintech company said at the time would enable Revolut X to compete with major exchanges in the market.
