After 3 years, finally approved! Revolut becomes a fully licensed bank in the UK, launching a £10 billion global expansion plan

Revolut receives full banking license from the UK PRA, ending a 3-year regulatory marathon, offering up to £120,000 deposit protection, and launching a £10 billion global expansion plan.

Regulatory Marathon Ends, Revolut Granted Full Banking License by UK PRA

Fintech giant Revolut has gone through over three years of lengthy application and waiting, finally achieving a major breakthrough in March 2026. The UK Prudential Regulation Authority (PRA) officially lifted restrictions on the company’s banking license, marking Revolut’s graduation from the so-called “mobilization phase” and allowing it to operate as a full-service bank within the UK.

This regulatory marathon began in 2021 when the London-based company first applied for a banking license. Although the process was fraught with challenges, after receiving a restricted license for system testing in July 2024, it has now crossed the final hurdle, jointly regulated by the Financial Conduct Authority (FCA) at a traditional banking level.

Currently valued at approximately £75 billion, this fintech unicorn’s scale of operations is now comparable to traditional banking giants like Lloyds, NatWest, and Barclays. Revolut has over 13 million users in the UK, with a total global user base exceeding 70 million.

Image source: Bloomberg, Revolut CEO Nik Storonsky

CEO Nik Storonsky stated that launching banking operations in the UK has always been a long-term strategic priority for the company. As the company’s birthplace, the UK’s position is crucial in its overall growth plan.

This full approval not only strengthens Revolut’s leading position in payments and digital finance but also demonstrates to the global market that it meets the same regulatory and security standards as traditional financial institutions.

Consumer Protection Mechanism Upgraded, Deposit Guarantee Increased Significantly

As a fully licensed bank, Revolut’s greatest value to customers lies in the fundamental enhancement of its protection mechanisms. The company has established a new entity, Revolut Bank UK Ltd, and plans to gradually migrate existing customer accounts to the new banking platform over the coming months. The most notable aspect of this migration is that eligible deposits will be protected under the UK Financial Services Compensation Scheme (FSCS).

According to the latest announcement, in the unlikely event of the bank’s failure, each eligible depositor can receive up to £120,000 (about $160,000) in full compensation. This level of protection is vastly different from the previous e-money institution model, significantly boosting confidence among high-value savings users.

Revolut plans to start offering fully functional current accounts to the first batch of new users next week, with phased rollout to all existing users over the following weeks. The existing bank codes, account numbers, and International Bank Account Numbers (IBANs) will remain unchanged during the migration, allowing users to seamlessly continue using the same app and financial cards.

Beyond traditional deposits, the full banking license also grants Revolut the right to offer various credit products, including personal loans and credit cards. To demonstrate its commitment to the UK market, the company has pledged to invest £3 billion and create 1,000 high-paying professional jobs, solidifying its role as a core financial infrastructure.

Clear Separation of Digital and Physical Assets, Crypto and Deposits Operate Separately

Although Revolut continues to promote itself as “crypto-friendly,” after obtaining the full banking license, its boundaries between traditional funds and digital assets have become clearer. Cryptocurrency trading, commodities, and stock investment services will be operated by independent legal entities within the group, completely separate from the newly established banking entity.

This means that while users can manage various assets through a single app interface, cryptocurrencies are not covered by FSCS deposit protection. This hybrid financial model, with separate management of assets, reflects the company’s strategic balance between expanding its business and maintaining compliance, ensuring that traditional banking operations are not affected by high-risk asset volatility.

Nevertheless, Revolut has not slowed its R&D in the Web3 industry. Its professional trading platform Revolut X, launched in 2024, offers over 100 tokens for UK users with zero trading fees. In December 2025, the company further deepened its partnership with Trust Wallet, enabling users to quickly purchase cryptocurrencies directly using Revolut balances.

Additionally, Revolut was selected to participate in the FCA’s regulatory sandbox, testing payments and settlement for fiat-pegged stablecoins. These initiatives demonstrate Revolut’s commitment to integrating digital asset innovation with banking-level regulation, providing users with a more transparent and secure digital financial environment.

Further Reading
UK Regulatory Relaxation! FCA Announces Stablecoin Sandbox List, Revolut to Launch GBP Stablecoin?

Aiming for a 2030 Global Footprint, Investing £10 Billion in 30 New Markets

Obtaining the full UK license is just one piece of Revolut’s global strategy. The company has outlined an ambitious international investment plan, committing a total of £10 billion (about $13 billion) by 2030 to expand into 30 new markets and hire approximately 10,000 new employees worldwide.

Currently, Revolut has officially submitted a banking license application to U.S. regulators, demonstrating its determination to conquer major global financial markets. From a small startup offering currency exchange services in 2015, it has evolved into a financial giant capable of competing with the world’s leading digital banks.

Further Reading
Valued at $75 Billion! Revolut Re-enters U.S. Banking License Race, Hiring Industry Veteran with 20 Years of Experience

Market analysts believe that transforming into a full-service bank will create significant competitive pressure on traditional financial institutions and other fintech competitors. As its deposit, lending, and diversified investment operations become more compliant and stable, user engagement is expected to further increase. The company is also actively evaluating the timing of an IPO, with a stable banking status serving as a key advantage in capital markets. Through ongoing communication with regulators and its technological edge, Revolut’s tech-driven financial services are now positioned to compete on equal footing with century-old traditional banks.