Revolut, the London-based crypto-friendly fintech, said it has received a full banking license in the UK, allowing it to offer a wider range of services and provide deposit protection for eligible funds almost two years after receiving restricted registration.
The company, valued at around $75 billion in a November funding round, created a new entity called Revolut Bank UK Ltd. and will migrate customer accounts in the coming months, according to a press release published on its website.
The development completes a regulatory process begun years earlier. In 2024, Revolut obtained a restricted license in the United Kingdom and entered an mobilization phase aimed at new banks. The approval comes shortly after Revolut filed for a banking license in the United States.
The bank is overseen by the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA), the same regulatory framework that governs traditional UK banks. The change means eligible customer deposits will benefit from the protection of the Financial Services Compensation Scheme (FCSC), which covers up to £120,000 ($160,000) per person in the event of a bank failure.
The conversion of accounts to the new bank will happen in stages and users will be notified via email or in-app messages when their accounts are ready to transfer.
Most day-to-day features will remain the same. Account numbers, sort codes and IBAN details will not change, the company said, and the Revolut app will continue to display past transactions and statements.
Some services will remain outside the new banking entity. Savings balances will still be held with partner banks, each with their own FSCS cover limits. Crypto trading, commodities and stock services will continue to operate through separate Revolut entities.
