Cryptocurrency-friendly Revolut Obtains UK Banking License
Cryptocurrency-friendly fintech platform Revolut has received a banking license in the UK, marking a significant milestone for the digital bank with 9 million customers in the UK and 45 million customers globally. After a three-year wait, Revolut has finally been granted a banking license by the UK’s banking regulator, the Prudential Regulation Authority (PRA).
Key Details of the Banking License
In a press release on Thursday, July 25, Revolut announced that the next step following the banking license is a “mobilization” phase, also known as “restricted authorization.” This phase is essential for new banks looking to expand their business and enter the market. Revolut’s CEO, Nik Storonsky, expressed pride in reaching this milestone and emphasized the company’s commitment to becoming the top choice for UK customers.
Impact on UK Customers and Future Plans
Despite the restriction period during the “mobilization” phase, Revolut assured its UK customers that the use of e-money accounts will continue as usual. Francesca Carlesi, Revolut UK CEO, highlighted the importance of this development, stating the company’s dedication to delivering products and services that enhance customers’ financial lives. Revolut’s application for UK authorization was initially submitted in 2021, and in May of the current year, the company introduced Revolut X, a new cryptocurrency trading platform tailored for professional traders. With competitive features like on-ramps and low fees, Revolut X aims to challenge leading exchanges in the market.
