Revolut ready for UK growth after securing licence – Daily Business

Chairman Martin Gilbert (pic: Terry Murden)

Revolut Bank, chaired by Scottish financial services veteran Martin Gilbert, will launch a full suite of banking services after securing approval from the City regulator.

The bank already offers an app allowing its 13 million customers to sendi money and trade shares and cryptocurrencies. It also provides savings accounts to British customers using a third-party bank.

Now that the Prudential Regulation Authority has granted it a full banking licence it can extend its range to current and deposit accounts and has plans to become a global business. It already has a Lithuanian banking licence granted in 2018 that allows it to operate in the European Union and it also works with third-party banks in the US and Australia.

It is one of the UK’s biggest fintechs with pre-tax profits in 2024 of £1.1 billion and recently commitment to invest £3bn and create 1,000 jobs in the UK.

Revolut was given a provisional permit from the PRA in July 2024 but securing a full licence took longer than expected because of the scale of its existing operations, which are unusually large for a business seeking to become a bank.

Attention will quickly focus on a possible flotation of the fintech group and whether it chooses London or New York for a listing of its shares. A dual listing has not been ruled out.

Nik Storonsky, co-founder and CEO, said: “Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey.

“The UK is our home market and central to our growth. We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe. This is a vital step in our mission to build the world’s first truly global bank.”

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