Revolut became a fully authorised UK bank on 11 March 2026, when the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) lifted all remaining restrictions on Revolut Bank UK Ltd. After a three-year application process — one of the most closely watched in UK fintech history — the licence marks a watershed moment for the neobank that launched in 2015.
The most immediate change for UK customers is deposit protection. Eligible balances are now covered by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person — double the former standard £85,000 limit, as Revolut Bank UK Ltd and Revolut Ltd are treated as separate entities. Before the banking licence, Revolut held customer funds in safeguarded accounts at third-party banks; deposits are now held directly on Revolut’s own balance sheet and protected by the UK’s statutory safety net.
Revolut says it will migrate existing UK customers to the new bank accounts gradually over the coming months, rolling out full current-account products — including consumer credit and eventually mortgages — to eligible customers as it scales its balance sheet. The onboarding cadence is deliberately phased to avoid stress on its newly licensed operations.
For EU customers, the picture is unchanged: Revolut Bank UAB, the Lithuanian-licensed entity supervised by the ECB and the Bank of Lithuania, continues to serve EEA account holders with €100,000 EU DGS deposit protection. The UK licence is separate and does not extend to EU-resident customers.
The licence also clears the path for Revolut’s long-anticipated IPO, which CEO Nik Storonsky has indicated is still at least two years away. In the interim, the company reported $6 billion in revenue for FY 2025 (up 50% year-on-year) and $1.7 billion in net profit, making it one of the most profitable fintech businesses in the world.
What it means for users: UK customers finally have the same statutory deposit protection as traditional high-street banks — a long-standing gap that deterred many from using Revolut as a primary account. The migration timeline is the key unknown to watch.
Source: https://www.revolut.com/news/revolut_launches_uk_bank/