Revolut Gets Full Banking Licence, Expansion Plans

0:00On March 11th, Revolut has finally secured a full banking license in the UK after a five-year wait for approval. The FinTech giant got the Green Life from the Prudential Regulation Authority, letting it offer complete current accounts to retail and business, customers. It plans to roll these out to a small group of new users in just a few days. The company first applied back in 2021 and received a restricted version of the license last year that let them test banking features with limited customers but blocked them from holding bigger deposits or expanding fully. Regulators took their time due to concerns over past accounting problems, European Union rule breaks, and a pushy company culture. Tensions even boiled over with Bank of England leaders who blocked high-level meetings to keep the process independent. Revolut's chief executive called this a major milestone for their home market, where they already serve 13 million customers. The firm, valued at $75 billion, has grown from money transfers since 2015 to 70 million users worldwide.

1:01Looking ahead, Revolut aims to add loans, mortgages, and more services soon, while pouring billions into global growth, new markets, and creating thousands of UK jobs.