Revolut Secures UK Banking License After Long Wait

After a prolonged three-year journey, UK-based fintech giant Revolut has secured a banking license from the Prudential Regulation Authority (PRA). This milestone allows Revolut to commence its 'mobilization' stage, a period of operational build-out before a full-scale launch. The license comes with restrictions due to past financial reporting issues and intense regulatory scrutiny. Revolut, founded in 2015, now boasts over 45 million users globally and aims to enhance its banking services while expanding its cryptocurrency offerings. Despite previous hurdles, the company has seen significant growth, with revenues nearly doubling to $2.2 billion in 2023. CEO Nik Storonsky expressed pride and commitment to making Revolut the bank of choice for UK customers.