Revolut gets UK banking licence

(Sharecast News) - London-based fintech Revolut said on Thursday that it has received a UK banking licence from the Prudential Regulation Authority (PRA). The company, which has more than 9 million UK customers and 45m globally, said it has now entered the 'mobilisation' stage, sometimes referred to as 'Authorisation with Restrictions', a common step for many new banks in the UK.

"Nothing changes for UK customers during this restricted period, which is to allow new banks like Revolut to complete the build out of their UK banking operations ahead of launching in the market," it explained.

Chief executive Nik Storonsky said: "We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers."

Francesca Carlesi, UK CEO of Revolut, said: "Today's announcement is a significant step forward for Revolut and for our customers. It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut.

"This is the next phase in Revolut's journey in the UK - we can't wait to get going."