Story perspectives

Revolut Gains Banking License, Eyes Global Expansion

3/13/2026

Summary

Story summary

Revolut, the UK fintech, has secured a UK banking license after a four-year wait, with Prudential Regulation Authority (PRA) lifting restrictions.
The license lets Revolut offer accounts to its 13 million UK customers, with deposits protected by Financial Services Compensation Scheme.
CEO Nik Storonsky said the milestone is crucial for Revolut's growth and its global ambitions.
Revolut plans to invest £10 billion globally and enter 30 new markets by 2030.

History

Historical Context

The UK Banking Act of 1979 was enacted following the secondary banking crisis of 1973-1975, enhancing the Bank of England's regulatory powers and establishing consumer protections. This act led to the creation of the Financial Services Compensation Scheme, which protects deposits up to £85,000. Revolut's recent banking license acquisition signifies a shift towards increased competition in the UK's financial services sector.

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Story summary

Revolut, the UK fintech, has secured a UK banking license after a four-year wait, with Prudential Regulation Authority (PRA) lifting restrictions.
The license lets Revolut offer accounts to its 13 million UK customers, with deposits protected by Financial Services Compensation Scheme.
CEO Nik Storonsky said the milestone is crucial for Revolut's growth and its global ambitions.
Revolut plans to invest £10 billion globally and enter 30 new markets by 2030.

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