Big Milestone for Revolut as It Finally Receives UK Banking License
TGIF!
Revolut, the London-based FinTech company, has finally secured a UK banking license from the Prudential Regulation Authority. This achievement concludes a three-year regulatory journey, significantly elevating Revolut’s status in its home market.
The company announced on Thursday that the newly acquired banking license comes with certain restrictions, enabling it to gradually develop its banking operations before a full launch.
Nik Storonsky, Revolut's Chief Executive, expressed his pride in reaching this crucial milestone, stating, "We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers."
Founded in 2015, Revolut boasts approximately 9 million customers in the UK and over 45 million globally. The company was last valued at $33 billion during a 2021 fundraising round.
Currently, Revolut is in discussions to sell about $500 million worth of shares, which could raise its valuation to around $40 billion, solidifying its position as Europe’s most valuable startup.
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