The Prudential Regulation Authority (PRA) has granted Revolut, a global fintech company with a customer base of over nine million UK consumers and 45 million globally, a UK banking license with certain restrictions. The company has notified its customers of this development. This step, known as the 'mobilization' stage or 'Authorization with Restrictions,' is a standard procedure for new institutions in the United Kingdom. During this phase, Revolut will continue to operate its e-money accounts as usual for UK consumers while preparing to fully launch its banking operations.
Nik Storonsky, CEO of Revolut, expressed pride in reaching this milestone and emphasized the company’s commitment to becoming the preferred bank for UK customers. Francesca Carlesi, UK CEO of Revolut, highlighted the significance of this achievement and the responsibility it entails. She assured that Revolut will work tirelessly to offer products and services that enhance the financial lives of its users. In 2023, Revolut achieved remarkable financial results, with group revenues surpassing $2.2 billion and record profits before tax that reached $545 million. This financial success underscores Revolut’s strong position as it transitions into a fully licensed bank in the UK.
