Revolut Finally Launches UK Bank For 13 Million Customers
Hey Digital Banking Fanatic!
Big news coming out of the UK. 🇬🇧
After years of regulatory work and anticipation across the industry, Revolut has officially launched its UK bank.
The company received approval from the Prudential Regulation Authority (PRA) to exit the mobilization phase and begin operating as Revolut Bank UK Ltd, allowing it to offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS).
The launch starts with a strong foundation. Revolut already has 13 million customers in the UK, its home market. On social media, Revolut is celebrating the approval, referencing its newly approved UK banking license. 👇
Revolut is now a bank in the UK
Current accounts will begin rolling out gradually to new customers over the coming weeks to ensure a smooth experience.
For existing users, nothing changes immediately. Their Revolut app and cards will continue to work as normal while the migration to the new bank structure happens over the coming months.
“Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey,” said Nik Storonsky, Founder and CEO of Revolut.
Francesca Carlesi, UK CEO at Revolut, also 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."
The milestone also opens the door for a broader range of services in the future, including lending and additional banking products, as the company continues pursuing its ambition to build the world’s first truly global bank.
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