Revolut announced that its restrictions on the UK banking license have been lifted, and the company will officially launch its banking services, including a current account product.
The company has about 13 million users in the UK, but it has previously operated as a fintech platform without physical branches.
A Breakthrough After Years of Waiting
Revolut obtained a banking license with restrictions in 2024 and underwent a three-year preparation phase.
The company stated that it would roll out bank accounts to new customers in the coming days and plans to gradually migrate existing customers over the coming months.
Increasing Banking Competition
The company's co-founder and CEO, Nik Storonsky, stated that the UK market is central to Revolut's development.
Analysts pointed out that the full license will help the company expand into lending and deposit services and enhance its competitive edge against traditional banks and emerging digital banks.
