LONDON — A year on from securing its initial U.K. bank license, Revolut is still awaiting full authorization from regulators.
The fintech giant was granted a banking license with restrictions in July 2024 from the U.K.’s Prudential Regulation Authority (PRA), bringing an end to a years-long application process that began back in 2021. The PRA is a unit of the Bank of England.
This key victory moved Revolut into what’s known as the “mobilization” phase of a company’s journey toward becoming a full-fledged bank.
During this period, firms are limited to holding only £50,000 of total customer deposits — well below the hundreds of billions of pounds customers deposit with major high street lenders such as Barclays
, HSBC
