Revolut Secures Full UK Banking License for Enhanced Services
- Revolut has received a full U.K. banking license, allowing it to offer a broader range of financial services.
- The company is valued at approximately $75 billion following a funding round in November.
- Revolut Bank UK Ltd. will migrate customer accounts over the coming months, maintaining existing account details.
- Eligible deposits will be protected under the Financial Services Compensation Scheme (FSCS) up to £120,000 ($160,000) per person.
- The bank is regulated by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).
This licensing marks a significant step for Revolut as it transitions from a restricted registration obtained in the previous years to full banking capabilities, enhancing customer trust with deposit protections similar to traditional banks.
With this new status, eligible deposits now qualify for FSCS protection of up to £120,000 ($160,000), providing customers with enhanced security for their funds.
