Revolut secures UK banking license

• Crypto-friendly fintech platform Revolut has secured a banking license within the UK.
• The digital financial institution has 9 million UK prospects and 45 million globally.

After a three-year wait, crypto-friendly fintech agency Revolut has lastly secured a banking license from United Kingdom’s banking regulator Prudential Regulation Authority (PRA).

Revolut introduced the milestone in a information launch on Thursday, July 25, noting that the subsequent step is the “mobilization” stage. Also called ‘Authorisation with Restrictions’, it is a step within the licensing course of that many new banks have to finish as a part of constructing out operations earlier than launching out there.

“We’re extremely proud to achieve this necessary milestone within the journey of the corporate and we’ll guarantee we ship on making Revolut the financial institution of selection for UK prospects” Nik Storonsky, CEO of Revolut, stated in an announcement.

UK prospects not impacted

In accordance with Revolut, the restricted interval overlaying the “mobilization” stage won’t affect UK prospects. The financial institution, which has over 9 million prospects within the UK and greater than 45 million worldwide, has assured its UK prospects that use of the Revolut e-money account will proceed as regular.

Commenting on the event, Francesca Carlesi, UK CEO of Revolut, stated:

“At the moment’s announcement is a big step ahead for Revolut and for our prospects. It’s a super duty to be a financial institution within the UK and we’ll work relentlessly to supply services that enhance the monetary lives of everybody who makes use of Revolut.

Revolut first utilized for the UK license from PRA in 2021.

In Could this 12 months, Revolut introduced the launch of a brand new crypto alternate platform dubbed Revolut X.

The stand-alone crypto platform is for skilled crypto merchants and presents entry to on and off ramps and low charges. These options, the fintech stated on the time, will see Revolut X compete with main exchanges out there.