Revolut has officially launched a banking operation in the United Kingdom after receiving authorization from the Prudential Regulation Authority. The approval allows the financial technology company to operate as a fully licensed bank in the country.
The newly established Revolut Bank UK will initially offer deposit accounts for both individuals and businesses. Eligible deposits of up to 120,000 British pounds are protected under the Financial Services Compensation Scheme, providing a safeguard similar to deposit insurance systems used in other financial markets.
Existing Revolut users in the UK will gradually be migrated to the new banking accounts over the coming months as the transition is rolled out across the customer base.
Revolut Plans Lending and Additional Banking Services
The new banking license enables the company to expand its financial services beyond payments and digital accounts. Revolut said the launch creates a foundation for introducing additional products in the future, including lending services and other banking features.
The company is also seeking regulatory approvals in other markets. In January, Revolut applied for a banking license in Peru and submitted an application for a federal bank charter in the United States.
Crypto and Fintech Firms Seek Banking Integration
Several digital asset and fintech companies are pursuing bank charters to integrate blockchain-based services into traditional financial systems. Firms such as Ripple, Paxos and Circle have explored similar regulatory pathways.
Meanwhile, crypto exchange Kraken recently received a limited-purpose master account from the Federal Reserve Bank of Kansas City, granting restricted access to the US central bank’s payment infrastructure.
Disclaimer
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