Revolut launches UK bank, pledges £3bn investment and creates 1,000 skilled jobs
Key Takeaways
- Revolut obtained a full UK banking license approved by the Prudential Regulation Authority
- Revolut pledged a £3 billion investment and will create 1,000 skilled UK jobs
- Eligible customer deposits will be protected under the UK Financial Services Compensation Scheme
Licence granted and pledge
Revolut has won full regulatory approval to operate as a bank in the United Kingdom after a prolonged regulatory process, allowing it to launch in the country where it was founded.
“Crypto-friendly fintech Revolut gains full UK banking license The move is a major step in Revolut's goal to become a global digital bank”
Several outlets reported the Prudential Regulation Authority (PRA) cleared the company to exit the mobilization phase and begin operating as a full UK bank; the company and press accounts note this follows a multi-year effort and that Revolut enters the market with about 13 million UK customers and a public pledge to invest £3 billion and create 1,000 jobs in the country.
New products and protection
The full UK licence materially expands the products Revolut can offer in Britain: it can open current accounts, take deposits that qualify for the Financial Services Compensation Scheme (FSCS) protection up to £120,000 per person, and—crucially—offer loans, savings and other bank products that were previously out of reach while operating as an electronic money institution.
Company statements and coverage emphasise that customers’ eligible funds will now be protected under the FSCS and that loan and deposit-taking activities become possible at scale.
Regulatory history
The licence closes a long regulatory chapter that began with Revolut’s first UK application in 2021 and included a restricted permission and an extended mobilisation phase in 2024.
“Neobank Revolut on Wednesday reached one of its most anticipated goals: a full banking license in the United Kingdom, the country where it was founded”
Coverage notes the mobilisation period was longer than typical—partly because Revolut entered the process with an unusually large customer base—and that UK regulators had previously raised concerns about the firm’s risk controls during the Bank of England review.
Customer migration plan
Operationally, Revolut will create a UK banking entity and migrate customers in stages, starting with a small group and expanding over weeks or months; firms and outlets say account conversions will be staged and customers will be notified when their accounts are ready to move.
The rollout plan emphasises caution and phased migration as Revolut transitions UK users from its e-money structure to the new Revolut Bank UK Ltd.
Strategic significance
Revolut and commentators frame the licence as a strategic pivot for its global expansion: the company has reiterated a commitment to a multi‑billion-pound global investment programme and large-scale hiring, and analysts and reports link the UK licence to broader plans — including US licence applications, sizeable valuation and partnerships that underpin its growth push.
“Revolut inicia la siguiente fase de su trayectoria en Reino Unido”
The firm’s public figures in coverage include a £10 billion global investment pledge and a 10,000‑job target, alongside the UK‑specific £3 billion and 1,000 roles.
