Sparks

Revolut has secured a full UK banking licence from the Bank of England’s Prudential Regulation Authority, ending a prolonged wait that had acted as a barrier to its home market expansion plans.

The licence lifts restrictions on the previous authorisation granted in July 2024, under which Revolut’s UK banking division could hold no more than £50k in total customer deposits. Revolut can now offer its 13 million UK customers loans, mortgages, credit cards, overdraft protection and savings products, bringing it in line with the capabilities of mainstream UK banks. Customer deposits of up to £120k will also be protected through the Financial Services Compensation Scheme.

This represents a significant milestone in Revolut’s broader growth ambitions. In September, the company announced plans to spend $13bn to grow its user base to 100 million people, an effort that could create around 10k jobs across more than 30 new markets by 2030.