London, United Kingdom. Revolut Bank UK Ltd has received approval from the Prudential Regulation Authority to launch as a fully licensed bank in the United Kingdom after the regulator lifted restrictions following a successful mobilisation period.
Approval and scope of services
The company said the approval allows it to begin offering fully licensed banking services in the UK, enabling it to expand its financial products to both retail and business customers. The new bank will serve Revolut’s existing base of 13 million UK customers.
Deposits and future products
Under the new structure, customers will be able to open deposit accounts protected by the Financial Services Compensation Scheme on eligible deposits. The approval also paves the way for Revolut to introduce a wider range of financial services in the future, including lending products and other banking offerings.
Phased rollout and customer transition
Revolut said it will begin gradually rolling out current accounts to new customers in the coming days, starting with a small group before expanding access over the following weeks. The company said the phased rollout is designed to ensure a smooth user experience during the transition to the new banking structure.
For existing customers, Revolut said there will be no immediate changes, with apps and cards continuing to operate as normal during the transition period. Customers will receive notifications in the coming days regarding the migration of accounts to the new bank, a process expected to take several months to complete.
Company statement
“Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey,” said Nik Storonsky, co-founder and chief executive officer of Revolut.
What changes, if any, will you look for when your Revolut account migrates to the new bank?
