London-based fintech company Revolut has announced that it has received a banking license from UK financial regulators.
Revolut Receives Banking License from UK Financial Regulator
This preliminary approval from the UK Prudential Regulation Authority (PRA) marks the culmination of a rigorous three-year application process for the crypto-friendly firm.
Revolut CEO Nik Storonsky expressed his pride in reaching this important milestone, saying:
“We are incredibly proud to have reached this important milestone in the company's journey and will ensure that Revolut becomes the bank of choice for UK customers.”
The banking license obtained from the PRA comes with certain restrictions, as Revolut enters the “mobilization” phase before receiving a full licence. During this period, the bank will face several limits, including a £50,000 ($64,000) limit on total customer deposits.
Revolut informed its UK-based customers about this development today, saying: “We are currently entering a period of 'mobilisation', a common regulatory phase for many new banks.
During this time, we will complete the setup of our banking processes before we start operating as a bank in the UK.” Once fully operational, Revolut plans to expand its offerings to include products such as mortgages and credit cards in addition to its existing e-money services.
*This is not investment advice.
