Revolut has received approval from the Bank of England’s Prudential Regulation Authority (PRA) to launch a UK bank, clearing the way for deposit-taking and lending services backed by Financial Services Compensation Scheme (FSCS) protection for its 13 million UK customers.
What the approval enables
The PRA authorization allows Revolut to establish a UK bank entity that can accept customer deposits and extend regulated lending products. Once live, eligible customer deposits will be protected by the FSCS up to £85,000 per person, per institution, aligning Revolut with the protections offered by established high-street and challenger banks.
Impact on Revolut’s UK users
The approval marks a significant expansion of Revolut’s UK offering beyond e-money and payment services. Customers can expect access to bank-grade products such as current and savings accounts with deposit protection, as well as credit products subject to regulatory permissions and rollout plans. Specific launch timelines and product details were not disclosed.
Context and market significance
Revolut is one of the UK’s largest fintechs by customer base and has operated under e-money permissions domestically while offering broader banking services in selected European markets through its EU banking license. Securing PRA approval positions the company alongside UK-licensed digital banks and strengthens competition in retail banking, particularly in app-based payments, savings, and credit.
Next steps
Revolut’s UK banking launch will proceed as regulatory and operational steps are completed. Customers will be informed of any migration processes or account changes required to access FSCS-covered products. The firm is expected to phase in services as it activates its new banking permissions.