Fintech firm Revolut has received a UK banking license from the Prudential Regulation Authority (PRA), Bloomberg reports. However, it is only “preliminary” for now and has a number of limitations. Revolut already has a valid banking license in the EU area.
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The fintech service Revolut, founded by Nikolai Storonsky and Vlad Yatsenko, has been trying to obtain a banking license in the UK since 2021. In the same year, Lithuania issued a license to conduct banking activities in the EU.
The license issued by the PRA entails a number of restrictions that apply to all banks in the initial stage of operation in the country. In order for the restrictions to be lifted, Revolut must prepare to fully enter the market.
Until this stage is completed, the company’s UK customers will remain with Revolut Ltd, a UK electronic money institution regulated by the FCA.
During the application process, the startup was unable to fully confirm its revenue and reporting data for 2021. Moreover, the service encountered a similar problem in 2024, when the European Central Bank conducted an audit.
According to the audit results, the organization pointed out a number of deficiencies in the banking control system.
At the beginning of May, it became known that Revolut was launching its own cryptocurrency exchange.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
