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Revolut secures full banking licence after 5-year wait

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Revolut secures full banking licence after 5-year wait

Digital bank Revolut has secured a full UK banking licence, five years after its first application to the regulator.

The provider first operated with an ‘e-money’ licence in the UK before applying for a banking license in 2021.

The Bank of England’s Prudential Regulation Authority (PRA) granted the license in 2024 with restrictions.

These limitations are a standard stage in the application process. However, Revolut’s transition to a full licence was delayed due to concerns that its risk controls wouldn’t be able to keep up with its rapid growth.

Revolu currently has around 13 million customers in the UK. However, prior to securing a full banking license, it was only able to hold £50,000 in total deposits per person.

With the restrictions removed, Revolut can now lend at a larger scale and provide bank accounts protected by the Financial Services Compensation Scheme (FSCS) – which protects up to £120,000 per person per banking institution.

Revolut says that it will gradually begin the process of rolling out current accounts to new customers in the next few days.

For existing customers, nothing changes and the Revolut cards and app will continue to work as normal.

Check out our Revolut review for a deep dive into the provider and whether it could help you manage your finances.

Clare West
Clare West Finance Editor

As a finance writer and editor, I can’t make decisions for you because only you know what’s right for you, and your personal priorities and goals. My role is to understand the things that are going to be important to you, remove anything that could work as a barrier to understanding, and then ensure you don’t miss a thing.

It’s an approach that has won me awards from professional bodies (‘Website of the Year’ at the Professional Adviser Awards 2021; Finalist – ‘Start Up of the Year’ at the UK FinTech Awards 2025) and seen me featured in the press as a commentator and expert.

Finances are about so much more than numbers on a page. Achieving your financial goals allows you to feel peace of mind, have confidence in your future, and achieve the things that matter to you. Financial wellbeing allows for life goal fulfilment.

I’ve spent more than a decade specialising in writing about financial services, so I know that in financial services, trust is absolutely vital. I am delighted, therefore, that everything we do at Investing Insiders centres around trust. Our mission is to write honest reviews based on our personal opinions and professional insights. We are not swayed in our opinions by incentives or influences from providers. Where we have a relationship with a provider that could affect our neutrality, we will let you know. But we are clear; whatever relationship we have with providers, our reader comes first. Simply put, we can’t be paid to change our opinion. My obligation is to you, the saver or investor, looking to build your wealth and protect your future.

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