Revolut Launches UK Bank, Expanding Services for 13 Million Customers

Revolut Bank UK Ltd has received regulatory approval from the Prudential Regulation Authority (PRA) to exit the mobilisation phase and launch as a fully licensed bank in the UK. This development follows a successful mobilisation period during which the PRA lifted previous restrictions on Revolut’s banking licence.

The launch positions Revolut to roll out new banking services for its 13 million UK customers. These services will include deposit accounts protected by the Financial Services Compensation Scheme (FSCS), a significant enhancement for customer security. The company recently committed to investing £3bn ($4bn) and creating 1,000 high-skilled jobs in the UK.

With its full licence, Revolut Bank UK Ltd will now offer accounts to both retail and business customers. This paves the way for a broader range of future services, including lending and other financial products. The introduction of FSCS-protected deposits is a key benefit, ensuring eligible customer funds are safeguarded.

Revolut plans a gradual rollout of current accounts to new customers, beginning with a small group and expanding in the coming weeks to ensure a smooth user experience. Existing customers will not see immediate changes; their Revolut app and cards will continue to function as normal. Notifications regarding the migration to the new bank will be sent in the coming days, with the full transition expected to take several months.

Nik Storonsky, Co-Founder and CEO of Revolut, commented: “Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey. The UK is our home market and central to our growth. We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe. This is a vital step in our mission to build the world’s first truly global bank.”

Francesca Carlesi, UK CEO at Revolut, commented: “Becoming a bank in our home market marks a defining moment in our journey, a milestone achieved through relentless focus, discipline, and belief in what we’re building. Securing this licence lays the foundation for our next chapter: expanding into a broader suite of products, including credit, to sit alongside the innovative services our customers already rely on every day. This will now enable us to continue on our mission to deliver the most seamless, secure, and customer-centric banking experience for consumers across the UK.”

This launch unlocks the next phase in Revolut’s growth trajectory, following its recent announcement of a global £10bn ($13bn) investment over five years and a plan to create 10,000 new jobs. The company is in the scaling phase of its commitment to launch in 30 new markets by 2030, with licensing announcements made in the Americas this year and significant expansion progress in other key regions throughout 2025. 

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