After a lengthy five-year wait, fintech juggernaut Revolut received its full UK banking licence on 11 March 2026 from the Prudential Regulation Authority (PRA).
Background
Revolut first applied for its licence in 2021 which required consent from both the PRA, a regulatory body of the Bank of England, and the FCA, a financial services regulator for consumer protection and market conduct. It was granted an authorisation with restrictions in July 2024.
Following this, the startup entered a ‘mobilisation’ period where one of its major restrictions was a £50,000 cap on its customer deposits. The period is designed to give firms time to finalise and build out their new bank. For example, by securing further investment, hiring new staff and investing in IT systems. This stage is typically expected to last up to 12 months, however, for Revolut this process spanned 20 months.
The challenges reportedly came in part due to its larger size compared to other applicants and scrutiny over its global risk controls, governance and past EU regulatory breaches.
The Future of Revolut
The licence marks a significant milestone for the company, enabling it to offer a full suite of banking services including current accounts, business accounts and lending products. In addition, eligible deposits of up to £120,000 will be protected by the Financial Services Compensation Scheme if the bank fails. Revolut’s UK-based customers will transition to the updated account framework in the coming months ahead.
From its early days in 2015 as a low-cost foreign exchange and payments app, Revolut now stands to compete with established high street lenders. However, progress brings both benefits and trade-offs. A full banking licence will come with heightened regulatory scrutiny and stricter supervisory expectations.
Written by Katie Wu
20 March 2026