Revolut receives approval from the UK Prudential Regulation Authority to officially launch banking operations in the UK

Odaily Planet Daily News: Crypto-friendly fintech company Revolut has been approved to launch a full banking license after the Prudential Regulation Authority in the UK lifted restrictions on its banking license, allowing Revolut to operate as a fully licensed bank, Revolut Bank UK Ltd. This license enables Revolut to offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS) for approximately 13 million UK customers, with an individual deposit protection limit of £85,000 (about $114,000).

Revolut will gradually roll out current accounts to a small group of customers over the next few days and expand coverage within a few weeks. Existing users will undergo a phased migration over several months. Its cryptocurrency trading service will continue to operate through a separate entity within the same app and will not be covered by the FSCS.

Revolut co-founder and CEO Nik Storonsky said that launching a bank in the UK has always been a long-term strategic goal for the company. Additionally, Revolut has recently committed to investing £3 billion in the UK and creating 1,000 high-skilled jobs, while planning to invest £10 billion globally and expand into 30 new markets by 2030. Earlier this month, Revolut also applied for a new banking license with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) in the United States.