Revolut, the London-based crypto-friendly fintech, said it received a full UK banking licence, allowing it to offer a wider range of services and provide deposit protection for eligible funds nearly two years after receiving limited registration.
The company, which was valued at around $75 billion in a funding round in November, created a new entity called Revolut Bank UK Ltd. and will migrate customer accounts in the coming months, according to a statement on its website.
The development completes a regulatory process that began years ago. In 2024, Revolut secured a limited UK license and entered a mobilization phase designed for new banks. The approval comes shortly after Revolut applied for a US banking license.
The bank is supervised by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), the same regulatory framework that regulates traditional UK banks. The change means that eligible customer deposits will qualify for protection under the Financial Services Compensation Scheme (FCSC), which covers up to £120,000 ($160,000) per person if a bank goes bankrupt.
Conversion of accounts to the new bank will take place in stages and users will be notified via email or in-app notifications when their accounts are ready to move.
Most day-to-day functions remain the same. Account numbers, sort codes and IBAN details will not change, the company said, and the Revolut app will continue to show past transactions and bank statements.
Some services will remain outside the new banking entity. Savings balances will still be held with partner banks, each with their own FSCS coverage limits. Crypto trading, commodities and equity services will continue to operate through separate Revolut entities.
