"The new entity, Revolut Bank UK Ltd, will gradually begin rolling out current accounts to customers, starting with a limited group before expanding to the company's 13 million UK users over the coming weeks. The approval allows Revolut to move out of the "mobilisation" phase of its banking licence, the period during which a company prepares operational systems and governance before offering full banking services."
"For the first time, Revolut customers in the UK will be able to hold deposits protected by the Financial Services Compensation Scheme (FSCS), which safeguards eligible deposits of up to £85,000 per person. The launch of the UK bank enables Revolut to begin offering deposit accounts with FSCS protection, bringing it into closer competition with established high-street lenders and digital challenger banks."
"The transition to a licensed bank also opens the door to a broader range of services, including lending products, credit offerings and expanded financial services for both retail and business customers. However, Revolut has emphasised that the rollout will be gradual to ensure a smooth transition."
Revolut has officially launched its UK bank following Prudential Regulation Authority approval, transitioning from e-money licence operations to full banking status. The new entity, Revolut Bank UK Ltd, will progressively introduce current accounts starting with limited groups before expanding to all 13 million UK customers. This milestone enables deposits to be protected by the Financial Services Compensation Scheme up to £85,000 per person, a significant upgrade from previous safeguarding arrangements. The licensed bank status opens opportunities for lending products, credit offerings, and expanded services for retail and business customers. The rollout will occur gradually over several months, with existing customers maintaining normal app access during migration.
Read at Business Matters
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