British Fintech startup Revolut has finally received its UK banking license from the Prudential Regulation Authority (PRA) after a long three-year wait.
The news comes from Antoine Le Nel, Chief Growth and Marketing Officer & Partner at Revolut, who took to LinkedIn to share the big news.
“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 U.K. customers.” – Revolut’s co-founder and CEO, Nik Storonsky
It’s also well worth noting that Revolution already has a banking license in the European Union, which it received in 2018 with the help of the Bank of Lithuania.
However, getting a banking license in its home country UK proved to be a challenge. The company has been trying since 2021.
Not having a UK banking license greatly hindered the company’s growth, especially when it came to offering credit products, such as personal loans, overdrafts, and credit cards. Revolut can now offer all these products to its UK customers.
Getting a license means that bigger and better things are coming for Revolut customers. However, things won’t change overnight.
Although the company has been granted authorization, it’s still in the “mobilization” stage, which comes with certain restrictions. This stage can last for a few months, but usually does not exceed 12 months.
The primary restriction during this stage is that the bank cannot hold more than £50,000 in total customer deposits.
Founded in 2015, Revolut has more than 45 million customers, out of which 9 million are from the UK.
This was also the first time in three years that the company published its audit reports. This goes to show that it’s trying to be more transparent, which might have influenced PRA’s decision in its favour.
The post Revolut Gets UK Banking License after 3-Year Wait appeared first on The Tech Report.