Revolut gets approval to launch its UK bank

Revolut announced on 11 March that its UK banking subsidiary had received Prudential Regulation Authority approval to leave mobilisation and launch as a bank. The company said this enables it to offer bank deposit accounts to retail and business customers, with eligible deposits covered by the Financial Services Compensation Scheme. It also opens a route to future products including lending. These are the permissions and plans Revolut described at launch. Revolut UK announcement.

The transition was phased. Revolut said new current accounts would begin with a small group, while existing users would receive notices before migration over the following months. It explicitly said some people joining from 11 March could still initially receive an electronic-money account. For customers, the relevant change therefore depends on when their account moves to Revolut Bank UK Ltd. Approval of the banking launch does not make every existing account a bank account on the announcement date. Revolut’s release sets out that distinction in its customer transition notes. Revolut UK announcement.