Digital bank Revolut has reached a transformative milestone in the British market by activating its dedicated UK banking license. Following a successful preparatory phase, the Prudential Regulation Authority has removed all restrictions, allowing Revolut Bank UK Ltd to begin operating as a fully authorized bank.
The move opens the door to protected deposit accounts and sets the stage for an expanded portfolio of financial products tailored to the company’s 13 million UK customers.
The launch introduces a new level of security through coverage under the Financial Services Compensation Scheme.
Eligible deposits will now enjoy the same safeguards that traditional high-street banks provide, giving users greater peace of mind.
At the same time, Revolut will start onboarding new customers to current accounts on a controlled, phased basis over the coming weeks.
This gradual approach ensures the system remains stable and user-friendly from day one.Existing account holders face no disruption.
Their familiar Revolut app, cards, and everyday services will continue exactly as before. In the weeks ahead, the company will notify customers about the planned migration to the new banking entity.
The transfer process is expected to unfold over several months in carefully managed batches, giving everyone ample time to adjust without inconvenience.
New sign-ups starting from 11 March 2026 may initially join under the existing electronic money institution structure before being smoothly moved across once capacity is confirmed.
Revolut’s Co-Founder and CEO, Nik Storonsky, described the moment as a long-awaited strategic achievement.
He stressed that the United Kingdom remains the company’s home market and a cornerstone of its global ambitions.
Storonsky highlighted the opportunity to deliver the same cutting-edge banking experience already enjoyed across Europe, while working toward the goal of building the world’s first truly borderless financial institution.
UK CEO Francesca Carlesi echoed the excitement, calling the licence a defining step forward.
She pointed to the foundation it creates for introducing new offerings, including credit products, alongside the innovative tools customers already love.
The focus, she said, remains on delivering seamless, secure, and customer-first banking for everyone in Britain.
The UK launch aligns with Revolut’s wider growth plans.
The company recently pledged £3 billion in UK investment and the creation of 1,000 high-skilled jobs locally.
Globally, Revolut has committed £10 billion over five years and aims to add 10,000 new roles while entering 30 additional markets by 2030.
Recent licensing progress in the Americas and strong momentum across other regions in 2025 underline the firm’s accelerating international expansion.
This development marks more than a regulatory checkbox.
It positions Revolut to evolve from a popular fintech app into a comprehensive banking partner for millions of British users. With protected deposits, upcoming lending options, and a continued emphasis on digital convenience, the company is poised to reshape everyday finance in the UK.