Revolut gets full banking licence and launches new services in UK
Group launches deposit accounts protected by the Financial Services Compensation Scheme
It is one of the big emerging competitors in the banking sector and now it has an extra weapon. Revolut Bank UK is set to launch new banking services for its 13 million customers in the UK, with deposit accounts protected by the Financial Services Compensation Scheme (FSCS). This was announced in a note by the UK fintech, after it received regulatory approval from the Prudential Regulation Authority (PRA) to exit the mobilisation phase and start operations as a bank in the UK. The approval in fact allows Revolut Bank UK to start offering accounts as a fully licensed bank for both retail and corporate customers.
New Products
The current accounts, the company says, will be phased in for new customers in the coming weeks, and to ensure a smooth transition, there will be no changes for existing customers. The launch follows Revolut's recent commitment to invest GBP 3 billion (USD 4 billion) and create 1,000 highly skilled jobs in the UK.
"The launch of our bank in the UK has been a long-term strategic priority for Revolut and marks a significant moment in our journey," comments Nik Storonsky, co-founder and CEO of Revolut. "The UK is our target market and is critical to our growth. This is a key step in our mission to build the world's first truly global bank."
