Revolut gets full UK banking licence after years-long wait

Revolut, Europe’s most valuable startup, said on Wednesday it had received regulatory approval to launch a British bank, allowing it to compete head-to-head with high street lenders in areas such as current accounts and consumer lending.

The London-based financial services firm, which has amassed ‌13 million customers ⁠in Britain ⁠but no physical branches since it was founded just over a decade ago, was granted a banking licence with restrictions in July 2024 ​after a three-year wait.

Nik Storonsky, Revolut’s cofounder and CEO, has said getting a licence in its home market was his top priority.