In a move that permanently reshapes the balance of power in the European and global financial system, Revolut Bank UK Ltd has announced that it has secured full authorization from the United Kingdom’s Prudential Regulation Authority (PRA). After a prolonged period of preparation and mobilisation, the fintech giant officially joins the ranks of fully licensed banking institutions in Britain.

This development marks the culmination of a multi-year strategy. Until now, Revolut operated in its home market, the United Kingdom, as an e-money institution. The transition to a full banking licence primarily means enhanced security for its 13 million customers in the country.

Eligible deposits will now be protected by the Financial Services Compensation Scheme (FSCS), which guarantees up to £85,000 per depositor. This represents a crucial psychological and institutional safeguard, allowing Revolut to position itself as the primary bank for users’ salaries and savings.

The licence comes alongside a significant capital commitment. The company announced an investment plan worth £3 billion (about $4 billion) for the British market, which includes the creation of 1,000 new highly skilled jobs.

However, the company’s vision extends far beyond the borders of the United Kingdom. As part of its global expansion, Revolut is planning investments of £10 billion over the next five years, aiming to create a total of 10,000 jobs worldwide and expand into 30 new markets by 2030.

The new licence unlocks the ability to offer more advanced banking products. In the near future, Revolut Bank UK Ltd will expand its portfolio with:

Personal and business loans: Using deposits to provide liquidity.

Credit cards and overdrafts: Tools that will strengthen the company’s revenue through interest income.

Specialised business accounts: Further expansion into the small and medium-sized enterprise sector.

For existing customers, the transition will be seamless. The app and cards will continue to operate normally, while the gradual migration of accounts to the new banking entity will be completed within a few months. New customers will begin gaining access to full banking accounts in the coming weeks.

Co-founder and CEO Nikolay Storonsky described the development as a “historic milestone”, emphasizing that the United Kingdom remains at the core of the company’s growth. Meanwhile, Revolut’s UK CEO Francesca Carlesi noted that the move lays the foundation for the next chapter: transforming Revolut into the world’s first truly global bank.