Financial technology company Revolut has launched a fully licenced bank in the United Kingdom after receiving regulatory approval from the Prudential Regulation Authority.
The new entity, Revolut Bank UK, will begin offering deposit accounts for individuals and businesses, with eligible deposits of up to £120,000 protected under the Financial Services Compensation Scheme.
Existing UK customers will be gradually transitioned to the new account type over the coming months as the company expands its regulated banking services.
The banking licence will also allow Revolut to introduce additional financial products in the future, including lending services.
The company has also applied for a federal banking charter in the United States and a full banking licence in Peru as part of its global expansion strategy.
The move comes as financial technology and cryptocurrency firms increasingly seek banking licences to integrate digital finance platforms more directly with traditional financial systems.
Industry players including Ripple, Paxos and Circle have also pursued banking charters, though traditional banking groups have warned such moves could challenge established financial institutions.