Revolut, the London-based crypto-friendly fintech, said it has received a full banking license in the United Kingdom, allowing it to offer a broader range of services and provide deposit protection for eligible funds almost two years after receiving restricted registration.
The company, valued at about $75 billion in a funding round in November, created a new entity called Revolut Bank UK Ltd. and will migrate customer accounts in the coming months, according to a statement on its website.
The development completes a regulatory process that began years earlier. In 2024, Revolut obtained a restricted license in the United Kingdom and entered a mobilization stage designed for new banks. The approval comes shortly after Revolut applied for a US banking license.
The bank is supervised by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), the same regulatory framework that governs traditional UK banks. The change means that deposits from eligible customers will qualify for protection under the Financial Services Compensation Scheme (FCSC), which covers up to £120,000 ($160,000) per person if a bank fails.
Conversion of accounts to the new bank will be done in stages and users will be notified by email or in-app messages when their accounts are ready to transfer.
Most day-to-day functions will remain the same. Account numbers, sort codes and IBAN details will not change, the company said, and the Revolut app will continue to show previous transactions and statements.
Some services will be left out of the new banking entity. Savings balances will continue to be held at partner banks, each with their own FSCS coverage limits. Cryptocurrency trading, commodities and stock services will continue to operate through separate Revolut entities.
