Revolut Bank UK has received regulatory approval from the Prudential Regulation Authority (PRA) to exit the mobilisation phase and launch as a bank in the UK. The launch comes with an existing base of 13 million UK customers and follows Revolut’s recent commitment to invest £3 billion and create 1,000 high-skilled jobs in the UK.
This milestone means that Revolut Bank UK will be able to start offering accounts as a fully licensed bank for both retail and business customers. It enables Revolut to offer deposit accounts protected by the FSCS on eligible deposits and paves the way for a wider range of services in the future, including lending and other products.
Revolut will gradually begin the process of rolling out current accounts to new customers, starting with a small group and expanding over the weeks to ensure a smooth user experience. For existing customers, nothing changes immediately, and customers’ Revolut app and cards will continue to work as normal. Customers will be notified about the migration to the new bank, a process that is expected to take a few months in total.
Nik Storonsky, Co-founder and CEO of Revolut, said: “Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey. The UK is our home market and central to our growth.”
