Cryptocurrency-friendly Revolut obtains UK banking license
- Cryptocurrency-friendly fintech platform Revolut has received a banking license in the UK.
- The digital bank has 9 million customers in the UK and 45 million customers globally.
After a three-year wait, crypto-friendly fintech company Revolut has finally received a banking license from the UK’s banking regulator, the Prudential Regulation Authority (PRA).
Exciting news for Revolut and its customers
Revolut announced the milestone in a press release on Thursday, July 25, highlighting the next step in the process is the “mobilization” phase. This phase, also known as “restricted authorization,” is crucial for new banks looking to expand their operations.
CEO Nik Storonsky expressed his pride in this achievement, stating, “We are extremely proud to have reached this important milestone in the company’s history and we will ensure that Revolut becomes the bank of choice for UK customers.”
Smooth sailing for UK customers
Revolut reassured its UK customer base that the restriction period during the “mobilization” phase will not disrupt their services. With over 9 million customers in the UK and 45 million globally, Revolut pledged to maintain normal operations for e-money accounts.
Francesca Carlesi, Revolut UK CEO, emphasized the importance of this development, stating, “Today’s announcement is an important step forward for Revolut and our customers. As the UK’s bank, we have a huge responsibility and we will work tirelessly to deliver products and services that improve everyone who uses Revolut financial life.”
Revolut initiated the UK authorization process in 2021 and recently launched Revolut X, a new cryptocurrency trading platform tailored for professional traders, in May of this year.
