Revolut has received a UK banking licence more than three years after the British financial technology company filed its application.
The licence, which comes with “restrictions”, brings the company one step closer to being able to compete with traditional banks.
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Revolut’s tentative approval from UK regulators puts it in the mobilsation stage where it can build and develop its banking operations before a full formal launch.
During the next 12 months, Revolut will need to address any issues identified by regulators and prove that it can be fully operational.
Since its launch in 2015, the company has been licensed as an electronic money institution, unable to offer lending products such as mortgages or credit cards.
Gaining a domestic bank licence allows the company to operate and deploy traditional banking services.
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By GlobalDataThe approval in the UK will likely persuade regulators in the US and other countries to grant Revolut a similar licence.
The company‘s full-year pre-tax profit surged to $553m (£438m) in 2023, a dramatic increase from a pre-tax loss of $32m (£25.4m) in 2022, according to its annual report issued on 2 July.
Revolut chief financial officer Victor Stinga said the growth was bolstered by a record jump in user numbers, with more than 12 million customers joining the digital banking app last year.
