Revolut Secures Preliminary UK Banking License with Restrictions After Three-Year Wait

Jul 25, 2024, 08:10 AM

Revolut has secured a preliminary UK banking license from the country's regulators after a three-year wait. The license, granted by the Prudential Regulation Authority, comes with certain restrictions, including a limit on holding only £50,000 of total customer deposits. This development allows Revolut to offer overdrafts, loans, savings products, and potentially crypto services to its more than 9 million UK customers. The fintech firm, which has around 45 million customers globally, views this as a significant milestone that will improve the economics of its core UK business and open up new offerings in the future. Revolut, Europe's most valuable fintech company, aims to achieve a valuation of more than $40 billion through a planned share sale.