Revolut has finally been granted full UK banking status after years of effort, allowing the fintech to begin rolling out complete bank accounts for both business and personal customers.
The company first submitted its application in 2021, and after a five‑year journey has now received approval from the Prudential Regulation Authority. To support this new status, it has established a dedicated entity: Revolut Bank UK Ltd.
With its full licence now active, Revolut can offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS) for balances up to £120,000. The fintech said the licence “opens the door to a wider range of future services”, including lending and additional financial products.
Gradual Rollout of New Accounts
Revolut confirmed that it will begin introducing its new current accounts over the coming days, starting with a limited number of customers before scaling up in the following weeks.
The approval follows a provisional licence issued in July 2024, which came with restrictions and placed the business in a “mobilisation stage” as an e‑money institution. Under that arrangement, its 13 million UK customers were limited to holding £50,000 in deposits.
Regulatory Challenges Along the Way
The road to full authorisation has not been easy. Throughout the process, Revolut engaged heavily with regulators and government officials. Reports surfaced that the Bank of England’s governor, Andrew Bailey, even intervened to prevent the chancellor from meeting Revolut representatives in September of last year.
The fintech has also faced scrutiny over its financial reporting. In 2023, auditor BDO raised concerns about the accuracy of £477 million in revenue reported in Revolut’s long‑delayed 2021 accounts. The Financial Reporting Council had previously warned of weaknesses in the company’s internal controls and highlighted a heightened risk of material misstatement in the 2020 accounts.
Industry and Government Reaction
Revolut celebrated the milestone on social media, posting on X: “UK. Banking. License.”
Chancellor Rachel Reeves congratulated the company on LinkedIn, describing Revolut as “a true pioneer in the UK’s fintech journey.”
Francesca Carlesi, UK CEO at Revolut, called the licence a major step in the firm’s evolution, saying:
“Becoming a bank in our home market marks a defining moment in our journey. This milestone reflects relentless focus, discipline, and belief in what we’re building. Securing this licence lays the foundation for our next chapter, including the expansion into credit products.”
Financial Performance and Global Ambitions
Revolut’s most recent accounts, for the year ending 31 December 2024, reported revenue of £2.4 million. A share sale last September valued the company at approximately £55 billion.
Looking ahead, Revolut plans to accelerate its international growth, with a goal of launching in 30 additional markets by 2030. This expansion will be powered by a £10 billion ($13 billion) investment fund.
Revolut Business Customers Can Access a Xero Promotion
Alongside its new banking capabilities, Revolut continues to expand its partnerships for business users. Through Revolut Business Rewards, eligible customers can currently access a promotional offer with Xero.
The offer includes:
- Up to 6 months free Xero subscription
- Available to customers on Revolut Business Basic and Grow plans
- Activation is done directly via the Rewards/Perks section inside the Revolut Business dashboard
This promotion provides small businesses with an affordable way to integrate essential accounting tools with their banking setup. It is also an excellent step toward preparing for the requirements of Making Tax Digital, ensuring businesses are properly equipped for upcoming HMRC compliance changes.
More details about Revolut Business Rewards and their other offers can be found here: https://davenports.info/40yIsjg
