Revolut Acquires Full UK Banking License

• Revolut launched Revolut Bank UK Ltd as a fully licensed bank following the PRA’s lifting of mobilisation restrictions.
• The extended mobilisation phase beyond the usual 12 months stemmed from rigorous PRA scrutiny of risk management, compliance, and operational resilience.
• This milestone paves the way for deeper integration of regulated digital assets and stablecoins within the mainstream UK financial ecosystem.

Revolut Bank UK Ltd has secured full UK banking licence approval from the Prudential Regulation Authority (PRA) in London on March 11, 2026, exiting mobilisation to launch as a regulated bank. 

This move will grant Revolut the Financial Services Compensation Scheme (FSCS) protection of up to £120,000 for deposits, separating core banking from crypto trading while boosting overall platform legitimacy for its 13 million UK users.

Revolut Bank UK Ltd Launch

Revolut Bank UK Ltd was officially launched on March 11, 2026, after the PRA removed restrictions from its 2024 licence, granting full UK banking status. Deposits are now FSCS-protected up to £120,000, enabling current accounts, lending, and broader services for its 13 million UK customers while crypto remains segregated.

The bank can now offer fully licensed banking services to retail and business customers. Eligible deposits will receive FSCS protection, while the license also enables future expansion into lending and additional financial products.

The launch of the bank marks the next phase in the company’s growth. Revolut recently announced a global £10 bn ($13 bn) investment over five years and plans to create 10,000 new jobs as it scales worldwide. The company is advancing its goal to enter 30 new markets by 2030, with key licensing milestones in the Americas this year and significant expansion progress across other regions throughout 2025.

PRA Scrutiny Delayed The Launch

The company first applied for a banking licence in 2021 and received a restricted version in July 2024, entering a “mobilisation” phase meant to last around 12 months. The extended mobilisation phase stemmed from rigorous PRA scrutiny of risk management, compliance, and operational resilience. 

PRA focused on ensuring robust systems for capital requirements, IT infrastructure, and cross-border risk oversight before lifting restrictions. This cautious approach made Revolut’s mobilisation one of the most complex and prolonged in recent UK history.

Regulators demanded exhaustive audits of Revolut’s internal accounting and anti-money laundering systems. These measures are essential to ensure that fintech’s rapid global expansion does not compromise domestic stability.

What Revolut’s License Means for UK Crypto

For UK crypto users, the licence delivers a major indirect boost by creating a highly trusted fiat foundation. Millions can now hold insured pounds in the same app and seamlessly convert to Bitcoin, Ethereum, or other assets, thus reducing perceived risk for mainstream newcomers wary of pure crypto platforms.

This “safe on-ramp” effect, combined with Revolut’s crypto-friendly history, is expected to accelerate adoption, increase in-app trading volumes, and pressure rivals to enhance crypto offerings in a more regulated UK environment in 2026.

Furthermore, the separation of banking and crypto entities sets a blueprint for fintechs navigating the high-risk digital asset space. While crypto remains volatile, its presence on a licensed platform signals professionalization and may shape how traditional banks approach digital currency.

Related: FCA Selects Four Firms to Test Stablecoin Innovation in UK Sandbox