Revolut has received its UK banking licence after a three-year wait, it said on Thursday,
The licence brings Revolut, a global firm with more than nine million UK customers, closer to the same UK permissions as the traditional banks it seeks to compete against.
It will now enter the “mobilisation” stage, sometimes referred to as “Authorisation with Restrictions”, a common step for many new banks in the UK. During this period, banks can only hold £50,000 of total customer deposits.
The status allows new banks to invest in the final stages of their build-outs, according to the Prudential Regulation Authority’s website.
According to the Bank of England, mobilisation “could take as little as a few months but cannot continue indefinitely and should take no longer than 12 months.”
Nik Storonsky, CEO of Revolut, said:
“We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers.”
Revolut first applied for a banking licence in 2021 but has waited an unusually long time for a verdict from regulators.
Source Agencies
