Fintech company Revolut has obtained its UK banking licence with restrictions from the British banking sector regulator Prudential Regulation Authority (PRA).
The London-based neobank and financial technology company has entered the mobilisation stage, which is also known as ‘authorisation with restrictions’. It is a standard step for several new banks in the UK.
During the restricted period, UK customers will see no changes, as it is designed to give new banks time to finalise their UK banking operations before their full market launch, said the fintech company.
The company’s UK customers can also use their Revolut e-money accounts as usual.
Revolut UK CEO Francesca Carlesi said: “Today’s announcement is a significant step forward for Revolut and for our customers.
“It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut.”
Established in 2015, Revolut is said to serve more than nine million customers in the UK and 45 million across the globe.
The company raised $15m in a Series A funding round that was held in 2016. About an year later, the fintech secured $66m in a Series B round.
In 2018, Revolut secured banking licence from the Bank of Lithuania. It also raised $250m in a Series C funding round in the same year.
Subsequently, the fintech firm secured $580m and $800m in Series D and Series E funding rounds respectively. The Series D was in 2020 while Series E took place in 2021.
Recently, Revolut announced that its group revenues surpassed $2.2bn. The firm reported a record profit before tax of $545m.
Revolut CEO Nik Storonsky said: “We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers.”
