London based financial technology company Revolut, It announced that it has received a banking license from the UK financial regulators.
Revolut Receives Banking Licence from UK Financial Regulator
This preliminary approval from the UK Prudential Regulation Authority (PRA) marks the culmination of a rigorous three-year application process for the crypto-friendly firm.
Expressing his pride in reaching this significant milestone, Revolut CEO Nik Storonsky said:
“We are incredibly proud to reach this significant milestone in the company’s journey and will ensure that Revolut becomes the bank of choice for UK customers.”
The banking licence from the PRA comes with certain restrictions as Revolut enters a “mobilisation” phase before it is granted a full licence. During this period, the bank will face various restrictions, including a £50,000 ($64,000) limit on total customer deposits.
Revolut informed its UK-based customers of this development today, saying: “We are currently entering the ‘mobilisation’ period, a common regulatory phase for many new banks.
During this time, we will complete the set-up of our banking processes before we commence operations as a bank in the UK.” Once fully operational, Revolut plans to expand its offering to include products such as mortgages and credit cards, in addition to its existing e-money services.
*This is not investment advice.
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