Revolut has obtained a licence to operate as a full bank in Britain, CNBC reported on Tuesday.
The approval follows a five-year regulatory process. It will allow Revolut to offer formal bank accounts to retail and corporate customers in the UK.
The licence was granted after lengthy consultations with UK financial authorities. Revolut CEO Nikolay Storonsky (니콜라이 스토론스키) said, "Launching a UK bank has been a long-standing strategic priority and a major milestone in our mission to build a global bank."
Revolut applied for a banking licence in 2021 to the Prudential Regulation Authority, under the Bank of England, and received a limited licence in July last year. At the time, customer deposit limits were capped at 50,000 pounds, but the latest approval positions it as a full bank.
Revolut is also applying for a banking licence in the United States, accelerating its global expansion.
Chi-gyu Hwang
delight@d-today.co.kr