Revolut Secures UK Banking Licence After Three-Year Wait

The fintech giant enters the mobilisation stage, allowing it to build its UK banking operations before a full launch.

Revolut received a UK banking licence with restrictions, ending a lengthy application process that began in 2021.
The company will now undergo a 'mobilisation' phase to prepare for full banking operations, including improving IT systems and securing investments.
Revolut's UK banking licence will enable it to offer loans, credit cards, and hold customer deposits up to £85,000.
The fintech firm has faced regulatory scrutiny over its accounting practices and corporate culture, which contributed to the delay.
Revolut aims to become the 'bank of choice' for UK customers, with plans to expand its services and potentially pursue an IPO.