Revolut Granted UK Banking Licence

Published on July 26, 2024

Revolut, the British digital bank, has secured a banking licence from the Prudential Regulation Authority (PRA) in the United Kingdom after a three-year wait. This means the London-based fintech giant will soon be able to hold customer deposits, and offer lending products such as credit cards, personal loans and mortgages. Revolut said in a statement on Thursday it now enters the PRA’s “mobilisation” stage which comes with 12 months of restrictions. During the mobilisation stage, otherwise known as “authorisation with restrictions,” banks must demonstrate they are ready to be fully operational while addressing additional issues identified by the regulatory body before they can trade entirely as a UK bank....

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