Catenaa, Friday, March 13, 2026- Financial technology firm Revolut received full authorization to operate as a bank in the United Kingdom after regulators lifted restrictions on its domestic unit, the company said Wednesday.
Approval from the Prudential Regulation Authority allows Revolut Bank UK Ltd to offer protected deposit accounts to customers. Funds placed in eligible accounts will be covered by the Financial Services Compensation Scheme for up to £85,000 per person.
The authorization marks a milestone for the London-based fintech as it seeks to expand from payments and digital finance into full retail banking in its largest market.
Revolut said the rollout of regulated current accounts will begin gradually with a limited group of customers before expanding across its British user base in the coming months. The company has about 13 million users in the UK.
Existing e-money accounts will transition to bank accounts during the rollout period. Customers will continue using the same mobile application and payment services during the migration.
Company executives said the banking license will allow Revolut to broaden its product range, including savings accounts, credit products and lending services. The firm plans to introduce overdraft features later in 2026, followed by additional lending products in later phases.
The fintech already processes large transaction volumes through its payments platform. Internal data released by the company indicates that customers globally handled roughly £1.2 trillion in transactions during 2025.
Revolut reported that deposits in its UK operations reached about £18 billion by the end of last year. The company has more than 45 million customers worldwide.
Under the new structure, deposits in regulated accounts will qualify for FSCS protection if the institution fails. The compensation program protects most retail customers up to the statutory £85,000 limit per institution.
However, the firm said digital asset services offered through its trading platform remain separate from its banking entity. Cryptocurrency holdings will not fall under the deposit protection scheme.
Revolut offers trading access to more than 180 digital tokens through its application. The crypto service has attracted millions of users who buy and sell assets through the mobile platform.
Regulatory approval follows a multiyear review process that included governance, compliance and anti-money laundering controls. UK regulators imposed earlier operational restrictions in 2024 while examining the firm’s financial oversight systems.
With the new license, analysts say Revolut moves closer to competing directly with established banks and other digital challengers in the UK retail market.
The company also plans continued international expansion and has filed applications to secure banking permissions in additional markets, including the United States.
