March 11, 2026 – The $75 billion fintech giant exits regulatory limbo. It can now lend, take deposits, and challenge Britain’s biggest banks.

Revolut Ltd. has officially secured a full UK banking license from the Prudential Regulation Authority (PRA). The approval ends a five-year regulatory journey that began with the company’s initial application in 2021. Customers will migrate to a new entity, Revolut Bank UK Ltd., over the coming months. This milestone unlocks lending, deposit protection, and direct competition with high-street banks.

The Numbers Behind the Milestone

Revolut reached a $75 billion valuation in late 2025, making it Europe’s most valuable private tech company. Its 2024 annual report showed revenue of £3.1 billion, a 72% year-on-year increase (Revolut Annual Report, 2024). Net profit hit £790 million, a 149% surge from 2023 (CNBC, April 2025). Transaction volumes climbed 52% year-on-year, approaching $1.3 trillion. The company’s loan book also grew 86%, reaching £979 million by year-end 2024.

Revolut now serves 13 million customers in the UK and 70 million globally (RTE, March 2026). During its restricted mobilisation phase, it could hold only £50,000 in total customer deposits. That cap has now been lifted. Eligible deposits will be protected under the FSCS up to £120,000 per person (CoinDesk, March 2026).

Why It Took Five Years

Revolut first applied for a UK banking license in 2021. Regulators scrutinised its financial reporting and compliance capabilities at scale (Finextra, March 2026). A restricted license was granted in July 2024, entering what the PRA calls a “mobilisation phase.” This phase limited operations significantly while the company built out its banking infrastructure. Rivals Monzo and Starling obtained their full licenses as early as 2016 and 2017 respectively (CNBC, April 2025).

Strategic Implications for UK Banking

The license positions Revolut to compete directly with Lloyds, NatWest, Barclays, and HSBC. Lending products, including personal loans and potentially mortgages, are now on the horizon. Revolut internally tested mortgage products during 2024 (Revolut Annual Report, 2024). Credit services will sit alongside existing offerings in payments, FX, and wealth management.

However, some services remain outside the new banking entity. Crypto trading, commodities, and stock services will continue through separate Revolut companies (CoinDesk, March 2026). Savings balances will also stay with partner banks, each carrying independent FSCS coverage.

Global Expansion on the Horizon

The UK license arrives alongside aggressive international plans. Last week, Revolut applied for a US banking charter with the OCC and FDIC (PYMNTS, March 2026). The company has pledged £10 billion in global investment over the next five years (Yahoo Finance, March 2026). Of that, £3 billion is earmarked specifically for the UK, alongside 1,000 new jobs. Revolut aims to launch in 30 new markets by 2030, targeting 100 million daily active users.

The Bottom Line

Securing a full UK banking license removes Revolut’s biggest strategic bottleneck. It validates the company’s compliance overhaul and governance improvements over the past two years. For consumers, the immediate benefit is FSCS deposit protection and upcoming credit products. For investors, it strengthens the case for a potential IPO, though the company has not confirmed any timeline. As Francesca Carlesi, Revolut’s UK CEO, stated, this license “lays the foundation for our next chapter.”

Sources

Revolut Group – 2024 Annual Report (revolut.com/reports-and-results)
CNBC – “British fintech Revolut tops $1 billion in profit as revenue jumps 72%” (April 24, 2025)
PYMNTS – “Revolut Wins Long-Awaited Full Banking License in the UK” (March 11, 2026)
CoinDesk – “Revolut, crypto-friendly fintech, becomes fully licensed UK bank” (March 11, 2026)
RTE News – “Revolut gets its full UK banking licence” (March 11, 2026)
Yahoo Finance UK – “Revolut finally secures full UK banking licence” (March 11, 2026)
Finextra – “Revolut achieves full UK banking licence” (March 11, 2026)