| What to Know: – Revolut gains full UK bank status; deposits held on its balance sheet. – Joint supervision by PRA and FCA, with ongoing prudential and conduct reviews. – Enables expansion beyond e-money, paving a pathway to lending and credit. |
As reported by Mortgage Introducer on 11 March 2026, the Prudential Regulation Authority lifted “mobilisation” restrictions and granted Revolut Bank UK Ltd a full UK banking licence (https://www.mpamag.com/uk/news/general/revolut-secures-full-uk-banking-licence-in-major-push-into-retail-market/568231). The company can now accept deposits onto its own balance sheet and operate under joint supervision with the Financial Conduct Authority. The report also noted scope to widen products beyond e‑money services.
For customers, the licence moves Revolut from primarily e‑money permissions to full UK banking authorisation. That permits balance‑sheet offerings, creating a pathway to lending and credit products over time. Product launches and exact timelines were not detailed in the announcement.
During the mobilisation phase, Sifted reported that UK regulators flagged weaknesses in risk‑control frameworks, particularly cross‑border oversight (https://sifted.eu/articles/revolut-regulator-concerns-global-controls/). Full authorisation subjects the group to ongoing prudential and conduct reviews intended to address those concerns.
Addressing debate about the licensing timetable, CNBC cited Bank of England Governor Andrew Bailey as saying there had been no “falling out” with government and that the PRA was carefully guiding the process (https://www.cnbc.com/2025/08/08/bank-of-england-governor-denies-rift-with-government-over-revolut.html). That context helps explain the step‑by‑step progression to full oversight.
The announcement indicated a gradual migration of eligible UK personal, joint and Kids & Teens accounts, plus certain business accounts, to Revolut Bank UK Ltd. Existing sort codes and the app experience are expected to remain the same during migration.
Rollout is gradual, and eligibility will vary by account type. Eligibility and any updated terms will be communicated by the firm.
Executives have framed the licence as a foundation for expanding the UK product set in a regulated way. “This marks the foundation for Revolut to roll out a wider suite of banking services, credit products among them,” said Francesca Carlesi, UK CEO at Revolut, as reported by Yahoo Finance UK (https://uk.finance.yahoo.com/news/revolut-finally-secures-full-uk-144307017.html).
As supervision now sits with both the PRA and the FCA, further product launches and migration milestones are likely to be communicated in stages. The core change is structural: Revolut Bank UK Ltd can operate as a UK bank while customer‑facing details largely stay familiar.
Disclaimer:
Marketbit.io provides cryptocurrency news, alerts, commentary, and entertainment content for informational purposes only. Nothing published on this site constitutes financial, investment, legal, or trading advice. Cryptocurrency markets are highly volatile and involve substantial risk, including the potential loss of capital. Always conduct your own research (DYOR) and consult with a qualified financial professional before making any investment decisions.
