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Revolut said it had secured a UK banking licence, ending a three-year long regulatory battle in a move that will boost the fintech’s status in its home market.
The London-based company said on Thursday it had received a banking licence from the Prudential Regulation Authority with restrictions that will allow it to build out its banking operation before launching it.
“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,” said chief executive Nik Storonsky.
Revolut has about 9mn customers in the UK, where it was founded in 2015, and more than 45mn globally.
The company, which was last valued at $33bn in a 2021 fundraising round, is in talks to sell about $500mn worth of shares that would boost its valuation to about $40bn and cement its status as Europe’s most valuable start-up.
This is a developing story.
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