Revolut Launches UK Bank After PRA Approval

Revolut has officially launched its UK bank after the Prudential Regulation Authority approved the company to exit the mobilisation phase. That means Revolut Bank UK Ltd can now begin operating as a fully licensed bank in Britain for both retail and business customers.

The launch is a major milestone for the fintech, especially in its home market. It also gives Revolut a stronger foundation to expand beyond payments and e-money into a fuller banking model.

What changes with the UK bank launch

The biggest immediate change is that Revolut can now start offering accounts through Revolut Bank UK Ltd rather than relying only on its e-money setup.

According to the company, this means eligible deposits will be protected by the Financial Services Compensation Scheme (FSCS). It also opens the door for a wider range of banking products in the future, including lending and other services that sit more naturally inside a bank structure.

In simple terms, Revolut is moving one step closer to becoming a real full-service bank in the UK, not just a financial app with payment features.

How the rollout will work

Revolut says the rollout will be gradual. Current accounts are set to begin rolling out to new customers in the coming weeks, starting with a small group first.

For existing customers, the company says nothing changes immediately. Their app and cards will keep working as normal while the migration to the new bank structure happens in phases over the next few months.

That slower rollout matters. Revolut is clearly trying to avoid a messy transition by moving customers over in batches rather than all at once.

What happens to existing users

Revolut says existing customers will get at least two months’ notice before their accounts are moved to the bank entity.

The company also notes that some new users signing up from March 11, 2026 may still initially be onboarded to the e-money entity, Revolut Ltd, while the bank rollout ramps up. Over time, all customers are expected to move to Revolut Bank UK Ltd.

Why this matters for Revolut’s growth

Revolut is presenting the bank launch as a long-term strategic turning point. CEO Nik Storonsky said the UK is Revolut’s home market and central to its growth plans, while UK CEO Francesca Carlesi said the banking licence lays the groundwork for the company’s next phase, including expansion into credit.

This launch also fits into a bigger growth story. Revolut recently said it plans to invest £3 billion in the UK and create 1,000 high-skilled jobs there. The company also linked the bank launch to its wider international expansion strategy, including a global investment plan and new market launches.

The crypto angle is still there, but it is not the story here

This is mainly a banking story, not a crypto one. Still, there is one detail worth noting for crypto readers: Revolut’s UK site continues to state that Revolut Ltd is registered with the FCA to offer cryptocurrency services under the UK money laundering regulations.

That means Revolut’s crypto business still sits alongside its broader regulated financial stack, but this announcement itself is about deposit-taking and mainstream banking services, not about new crypto products.

Why it matters for crypto

• Revolut becoming a UK bank strengthens its overall credibility as a regulated financial platform, which can indirectly support trust in its crypto offering.
• The launch shows how fintechs with crypto products are increasingly trying to anchor themselves in full banking and regulated financial infrastructure.
• It also highlights the difference between banking regulation and crypto registration: Revolut’s bank launch and its crypto permissions are related to the same platform, but they are not the same thing.

What to watch next

• How fast Revolut moves from current accounts into credit and other bank products in the UK.
• Whether the phased customer migration goes smoothly over the next few months.
• If Revolut uses the stronger bank structure to deepen cross-selling between banking, investing, and crypto services.
• Whether UK regulators or competitors respond as Revolut becomes a more direct challenger to traditional banks.