Revolut has secured approval from the Prudential Regulation Authority (PRA) to launch its UK bank, ending a lengthy regulatory process and enabling it to expand services for 13 million customers in its home market.

It now joins a small group of big-name fintechs that have made the jump from app-based upstarts to fully licensed banks. Alongside UK rivals Monzo and Starling, and Germany’s N26, they already hold full banking licences and run regulated balance sheets across their home markets.

The authorization allows Revolut Bank UK Ltd to operate as a fully licensed bank and offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS).

We’re now officially a fully licensed bank in the UK.

As a bank, we’ll soon offer accounts protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person on eligible deposits.

It also means we’ll be able to launch more banking features in the future… pic.twitter.com/fH7K2TQLDd

— Revolut (@Revolut) March 11, 2026

Gradual Rollout for Customers

The new bank will begin rolling out current accounts to new customers in the coming weeks, starting small and scaling gradually to ensure stability.

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Existing customers will continue using the Revolut app and cards as usual, with no immediate changes. The company will notify users before moving them to Revolut Bank UK Ltd in a process expected to take several months.

“Launching our UK bank has been a long-term strategic priority,” said founder and CEO Nik Storonsky. “The UK is our home market and central to our growth. We look forward to offering a full suite of services to our customers.”

New Investment and Global Ambitions

The launch follows Revolut’s pledge to invest £3 billion ($4 billion) and create 1,000 high-skilled jobs in the UK. The company also plans global investment of £10 billion over five years and aims to expand into 30 new markets by 2030.

Revolut first applied for a UK banking license in 2021 and entered the mobilization phase in 2024, operating under restrictions while the PRA reviewed its readiness.

For consumers, more licensed digital banks should mean sharper pricing on deposits, more competition in unsecured lending, and better app experiences as incumbents respond. For the market, Revolut’s move raises the competitive bar for other non‑bank fintechs that still rely on e‑money licences or partner banks.