Revolut officially received its full UK banking license on March 11, 2026. The Prudential Regulation Authority lifted all restrictions on the company’s authorisation, allowing Revolut Bank UK Ltd to begin operating as a licensed bank. The announcement ends a years-long regulatory process that began when Revolut first applied for a UK banking license in 2021.
The company now serves 13 million customers in the UK and around 65 million globally. Its UK user base is among the largest of any fintech in the country. For those customers, this change marks a meaningful shift in how Revolut holds and protects their money.
We’re now officially a fully licensed bank in the UK.
— Revolut (@Revolut) March 11, 2026
As a bank, we’ll soon offer accounts protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person on eligible deposits.
It also means we’ll be able to launch more banking features in the future… pic.twitter.com/fH7K2TQLDd
A Long Road to Full Authorisation
Revolut’s path to a UK banking license was anything but straightforward. The company first received authorisation with restrictions from the PRA in July 2024, entering a “mobilisation” phase that typically lasts up to 12 months. During that phase, Revolut Bank UK could hold only £50,000 in customer deposits, a cap that effectively prevented it from operating as a real bank.
The mobilisation period stretched well beyond a year. Regulators raised concerns about Revolut’s risk management infrastructure relative to its rapid global expansion. The PRA required the company to demonstrate robust compliance systems, capital readiness, and technology controls before granting unrestricted status. Revolut spent much of 2025 addressing those concerns directly. The company’s CEO, Nik Storonsky, publicly called securing the UK banking license his number one priority.
What Changes for UK Customers
The most immediate change is deposit protection. As a fully licensed UK bank, Revolut now offers accounts protected by the Financial Services Compensation Scheme. The FSCS covers eligible deposits up to £120,000 on eligible per customer if a bank fails. Previously, UK customer funds were held under Electronic Money Regulations as a safeguarded e-money institution, which offers a different and generally weaker form of protection. The upgrade to FSCS coverage is significant for anyone keeping meaningful savings in their Revolut account.
Current accounts under the new banking entity will begin rolling out to select new customers within days. Revolut plans to migrate existing UK customers to Revolut Bank UK Ltd over the coming months. Additionally, the full license opens the door to lending products, including personal loans and credit, which Revolut could not offer as a payment institution.
What It Means for Crypto Users
Revolut’s cryptocurrency trading services continue to operate through a separate entity within the app. They remain distinct from the new UK banking platform and are not covered by FSCS protection. Crypto holdings on Revolut are not deposits and do not benefit from the new deposit protection scheme.
However, the broader development matters for crypto users in other ways. Revolut has become one of the most widely used on-ramps to crypto in the UK. A more stable, regulated foundation for its banking operations could support expanded crypto product development over time. Notably, the Financial Conduct Authority recently selected Revolut to participate in a regulatory sandbox testing fiat-pegged stablecoins. That selection signals the regulator’s growing confidence in the company and could shape how Revolut integrates stablecoin infrastructure going forward.
What Comes Next
Securing a full banking license positions Revolut to compete directly with traditional UK banks. The company can now offer the full range of retail banking services, including current accounts with FSCS protection, credit products, and potentially mortgages in the future. Its global scale and tech-first approach give it a distinct position relative to legacy institutions.
For the broader fintech and crypto-adjacent space, Revolut’s licensing milestone reinforces a trend worth watching. Fintech companies with crypto exposure are increasingly seeking full banking authorisation rather than operating under lighter regulatory frameworks. That shift reflects both regulatory pressure and competitive ambition. Revolut’s success in navigating the PRA’s requirements may inform how other fintech firms with crypto services approach similar licensing processes in the UK and across Europe.
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