• Cryptocurrency-enabled fintech platform Revolut has acquired a banking license within the UK.
• The digital financial institution has 9 million prospects within the UK and 45 million worldwide.

After a three-year ready interval, crypto-friendly fintech firm Revolut has lastly acquired a banking license from the UK banking regulator, the Prudential Regulation Authority (PRA).

Revolut introduced the milestone in a information launch on Thursday, July 25, saying that the subsequent step is the “mobilization” section, also referred to as “restricted authorization,” a step within the licensing course of that many new banks should full as a part of constructing out their operations earlier than getting into the market.

“We’re extremely proud to achieve this necessary milestone in our journey and are dedicated to creating Revolut the financial institution of selection for UK prospects,” Revolut CEO Nick Storonski mentioned in a press release.

UK prospects unaffected

Revolut mentioned the “mobilization” section of restrictions won’t have an effect on its UK prospects. The financial institution, which has greater than 9 million prospects within the UK and 45 million worldwide, assured UK prospects that entry to their Revolut e-money accounts will proceed as regular.

Commenting on the event, Revolut UK CEO Francesca Carlesi mentioned:

“At the moment's announcement marks a serious step ahead for Revolut and our prospects. Being the UK's financial institution is an enormous duty and we are going to proceed to work tirelessly to ship services that enhance the monetary lifetime of everybody who makes use of Revolut.”

Revolut first utilized for a UK licence with the PRA in 2021.

In Might of this 12 months, Revolut introduced the launch of a brand new cryptocurrency buying and selling platform referred to as Revolut X.

The standalone crypto platform is aimed toward skilled crypto merchants and gives on- and off-ramps entry and low charges, options that the fintech firm mentioned on the time would allow Revolut X to compete with main exchanges out there.