REGULATORY · COMPETITIVE · UK
Revolut secures full UK banking licence
Change
Revolut received full banking authorisation from the Prudential Regulation Authority, enabling it to offer accounts for retail and business customers.
Why it matters
The Prudential Regulation Authority granted full banking authorisation after an application lodged in 2021 and a prior restricted UK banking licence in 2024. Revolut addressed accounting issues, EU regulatory breaches and reputational concerns prior to receiving full authorisation. The authorisation covers retail and business customer accounts. Revolut will start introducing current accounts to a small number of new customers within days.
Implications
- • Permitted to accept and hold customer deposits.
- • Authorized to offer retail and business current accounts.
- • Allowed to expand product offerings into loans and mortgages.
- • Immediate limited rollout of current accounts to new customers within days.
Who is affected
- • Revolut product and operations teams
- • Retail banking customers
- • Business banking customers
- • Revolut compliance and finance teams
What to watch
- • Introduction of current accounts to a small number of new customers — start within days
Source
Topics
Finance & Banking Banking Regulation Financial Services Fintech & Payments