Revolut Wins Long-Awaited Full Banking License in the UK

Core Insights - Revolut has received regulatory approval from the Prudential Regulation Authority (PRA) to operate as a bank in Great Britain, marking a significant milestone in its journey [2][3] - The company plans to gradually roll out current accounts for new customers, starting with a limited group before expanding [7] - Revolut aims to invest $13 billion in global expansion, creating 10,000 new jobs and launching in 30 new markets by 2030 [8] Company Developments - The approval process for Revolut's U.K. banking license took longer than expected due to scrutiny over its size and financial reporting [7] - The company has been in a "mobilization phase" since July 2024, which limited its deposits to £50,000 [2] - Existing customers will not see immediate changes, with migration to the new banking system expected to take a few months [7] Industry Context - The surge in charter applications in the FinTech sector indicates a structural change in how nonbanks seek permanence within the regulated financial system [9][10] - Revolut's application coincides with a notable increase in charter activity, with the OCC receiving 14 de novo charter applications in 2025, nearly matching the total from the previous four years [9]