GoKawiilFintech Revolut has finally acquired a full U.K. banking license after a years-long wait, unlocking its ability to offer a new range of products in the country, including lending.
The startup, which hit a $75 billion valuation in 2025 and is one of Europe's most valuable private tech companies, will be able to start offering accounts as a fully licensed bank for retail and business customers, following a protracted tussle with the U.K. regulator.
"Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey," Nik Storonsky, cofounder and CEO of Revolut, said in a statement.
He added: "The UK is our home market and central to our growth. This is a vital step in our mission to build the world's first truly global bank."
Revolut was granted a banking license with restrictions in July 2024 from the U.K.'s Prudential Regulation Authority (PRA), after beginning the application process in 2021. It was limited to holding only £50,000, around $67,000, of total customer deposits. That is well below the hundreds of billions customers deposit with major high street lenders such as Barclays and HSBC .
Regulatory approval to exit the mobilisation phase and launch as a bank in the U.K. was seen as a key step in Revolut's growth.
The company announced earlier this month that it had applied for a U.S. banking license. Revolut plans to launch in 30 new markets by 2030 and currently has 70 million customers using its products, the company said.