Revolut, the London-based fintech company, finally secured a banking license in the United Kingdom after a protracted three-year regulatory approval process.
This significant milestone, announced on July 25, marks a pivotal moment for the company as it strengthens and solidifies its position in its home market.
Entering the UK market
The UK’s Prudential Regulation Authority granted the license with certain restrictions, allowing Revolut to gradually build out its banking operations before a full-scale launch.
Nik Storonsky, the CEO of Revolut, expressed his pride in reaching this 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.”
The company was founded in 2015 and since has rapidly grown its customer base with nine million registered users in the UK and over 45 million globally, supported in 35 countries around the world.
Revolut received a valuation of $33 billion at a fundraising round which took place three years prior in 2021. However, the firm is currently in the midst of discussion to sell shares worth about $500 million, which would raise its overall valuation to approximately $40 billion.
If successful, the sale would cement Revolut’s place as Europe’s most valuable startup, according to PitchBook.
Revolut dips into crypto
Revolut has also been making big strides with its presence in the crypto space. In early May, the company debuted ‘Revolut X,’ a dedicated crypto exchange for its UK retail user base, which it claimed would offer fixed low fees and easy fiat-to-crypto conversion.
Prior to that, in March, it announced an integration with MetaMask for direct in-app crypto purchases for its UK and European Economic Area (EEA) customers.
For Revolut’s US-based customers it has still suspended all crypto services, which began back in August 2023.
It has also collaborated with Solana on a “Learn and Earn Campaign,” which aimed to increase the user base of the memecoin Bonk (BONK) by 500,000.
