Revolut has finally secured a UK banking license after a lengthy three-year regulatory process, marking a significant step in its expansion and solidifying its position in its home market.
The London-based fintech company received the banking license from the UK’s Prudential Regulation Authority, which includes certain restrictions. This approval allows Revolut to gradually build out its banking operations before a full-scale launch.
Nik Storonsky, CEO of Revolut, expressed his pride in this achievement, stating, “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.”
Founded in 2015, Revolut has rapidly grown its customer base to nine million users in the UK and over 45 million globally. It is supported in 35 countries worldwide.
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