Global neobank Revolut has finally received a UK banking licence after more than three years of waiting. The Financial Conduct Authority’s licence authorisation allows the fintech company to operate as a bank in the UK, enabling it to compete more directly with global banking giants. With over nine million UK customers, Revolut is now in the “mobilisation” stage, allowing it to build up its UK banking operations before becoming fully operational.
During the mobilisation stage, the regulator will assess and approve the bank’s ability to operate fully and ensure that all necessary issues and requirements have been addressed. This new authorisation could potentially lead to Revolut being listed on the stock market in the future. The fintech company, founded by Nik Storonsky in 2015, offers payment services, loans in specific markets, and the ability to trade cryptocurrencies and stocks.
Revolut’s financial accounts for the previous year show group revenues exceeding £1.7bn, with record pre-tax profits of £438m. Francesca Carlesi, Revolut’s UK CEO, expressed excitement for the next phase in the company’s UK journey. The new banking licence marks a significant milestone for Revolut, which has been steadily expanding its services and customer base globally. This development positions the company as a major player in the fintech industry, with potential for further growth and success in the future.
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