{"id":560187,"date":"2024-07-25T11:32:35","date_gmt":"2024-07-25T10:32:35","guid":{"rendered":"https:\/\/ibsintelligence.com\/?post_type=ibsi_news&p=560187"},"modified":"2024-07-25T11:33:16","modified_gmt":"2024-07-25T10:33:16","slug":"revolut-secures-uk-banking-licence","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/revolut-secures-uk-banking-licence\/","title":{"rendered":"Revolut secures UK banking licence"},"content":{"rendered":"

\"Revolut,Global FinTech<\/a> Revolut has received its UK banking licence more than three years after applying to the Prudential Regulation Authority (PRA).<\/p>\n

Revolut will now enter the \u2018mobilisation\u2019 stage, sometimes referred to as \u2018Authorisation with Restrictions\u2019, a common step for many new banks in the UK.<\/p>\n

Nothing changes for UK customers during this restricted period, during which Revolut will work on building the operations required of it as a bank before launching in the market. Until then, UK customers can continue to use their e-money account as they always have.<\/p>\n

Nik Storonsky, CEO of Revolut<\/strong>, said, \u201cWe are incredibly proud to reach this important milestone in the company’s journey, and we will ensure we deliver on making Revolut the bank of choice for UK customers.\u201d<\/p>\n

UK CEO Francesca Carlesi<\/strong>\u00a0said, \u201cToday\u2019s announcement is a significant step forward for Revolut and for our customers. It is a tremendous responsibility to be a bank in the UK. We will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut. This is the next phase in our journey in the UK – we can\u2019t wait to get going.\u201d<\/p>\n

It has been an eventful year for Revolut, which recently posted record profits in its 2023 company accounts. The pre-tax profit was \u00a3438 million, up from losses of \u00a325 million the year before. Revenues nearly doubled to \u00a31.8 billion from \u00a3923m in 2022. The Canary Wharf-based company also added 12 million new customers last year, taking its total to more than 45 million globally.<\/p>\n

In addition to launching its existing suite of products in more markets, in the first six months of 2024, Revolut has launched offerings such as eSIMs, RevPoints and Robo-Advisor<\/a>. Having a UK bank licence will enable it to launch even more products, particularly in lending, which was limited under its previous e-money regulatory status.<\/p>\n","protected":false},"author":35737,"featured_media":551704,"parent":0,"template":"","categories":[11376,11384],"tags":[18633,38184,46166,11515,26407,11840,46167,46168],"class_list":["post-560187","ibsi_news","type-ibsi_news","status-publish","has-post-thumbnail","hentry","category-digital-banking","category-payments","tag-digital-bank","tag-e-money-institution","tag-esims","tag-fintech","tag-prudential-regulation-authority","tag-revolut","tag-revolut-robo-advisor","tag-revpoints"],"acf":[],"yoast_head":"\nRevolut secures UK banking licence<\/title>\n<meta name=\"description\" content=\"Global FinTech Revolut has received its UK banking licence more than three years after applying to the Prudential Regulation Authority (PRA).\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ibsintelligence.com\/ibsi-news\/revolut-secures-uk-banking-licence\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revolut secures UK banking licence\" \/>\n<meta property=\"og:description\" content=\"IBS Intelligence (IBSi) is the world\u2019s only pure-play Financial Technology focused research, advisory, and fintech news analysis firm, with a 30-year track record and clients globally. 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