Revolut, the London-based crypto-friendly fintech, said it received a full U.K. banking license, allowing it to offer a wider range of services and providing deposit protection for eligible funds almost two years after receiving a restricted registration.
The company, valued at about $75 billion in a funding round in November, set up a new entity called Revolut Bank UK Ltd. and will migrate customer accounts in coming months, according to a statement on its website.
The development completes a regulatory process that began years earlier. In 2024, Revolut secured a restricted U.K. license and entered a mobilization stage designed for new banks. Approval comes shortly after Revolut filed for a U.S. banking license.
The bank is supervised by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), the same regulatory framework that governs traditional U.K. banks. The change means eligible customer deposits will qualify for protection under the Financial Services Compensation Scheme (FCSC), which covers up to £120,000 ($160,000) per person if a bank fails.
Converting accounts to the new bank will take place in stages, and users will receive notice through email or in-app messages when their accounts are ready to move.
Most day-to-day features will remain the same. Account numbers, sort codes and IBAN details will not change, the company said, and the Revolut app will continue to show past transactions and statements.
Some services will remain outside the new banking entity. Savings balances will still be held with partner banks, each with its own FSCS coverage limits. Crypto trading, commodities and stock services will continue to operate through separate Revolut entities.