Revolut has officially launched Revolut Bank UK Ltd, marking the end of a years-long regulatory journey and the beginning of a new chapter for the UK's most-used neobank. The Prudential Regulation Authority (PRA) has lifted all mobilisation restrictions on Revolut's banking licence, clearing the way for the company to operate as a fully licensed bank in its home market.
The launch covers 13 million UK customers, who will now benefit from deposit protection under the Financial Services Compensation Scheme (FSCS) on eligible deposits — a critical trust milestone that separates a regulated bank from the e-money institution Revolut has operated as until now.
What Changes — and When
The rollout will be gradual. Starting from today, new customers will begin onboarding directly to Revolut Bank UK Ltd, though the company will scale this progressively over the coming weeks. Existing customers will see no immediate changes — their app, cards, and balances continue working as normal.
Revolut will give existing customers at least two months' notice before migrating their accounts to the new bank entity. The full migration is expected to take several months, with transfers happening in phased batches.
Co-Founder and CEO Nik Storonsky called it "a significant moment": "The UK is our home market and central to our growth. This is a vital step in our mission to build the world's first truly global bank."
UK CEO Francesca Carlesi added that the licence "lays the foundation for our next chapter: expanding into a broader suite of products, including credit."
Why This Matters Beyond Deposit Insurance
FSCS protection is the headline, but the banking licence unlocks far more. Revolut can now build out a full credit stack in the UK — personal loans, mortgages, overdrafts — competing directly with the high street banks it has long aspired to displace.
Until now, Revolut operated in the UK as an e-money institution, a regulatory structure that limits lending activity and doesn't carry the same consumer protections as a full banking licence. That ceiling is now gone.
Part of a Much Bigger Global Push
The UK launch doesn't happen in isolation. Revolut recently announced a £10bn ($13bn) global investment over five years and a target of 10,000 new hires as it pushes into 30 new markets by 2030. Just six days ago, the company filed for a U.S. national bank charter with the OCC and FDIC — read our full breakdown here.
Revolut now operates in 40 markets, serves 70 million customers globally, and was valued at $75 billion in late 2025. The UK banking licence, alongside its U.S. charter application, signals that the scaling phase of Revolut's global banking buildout is well underway.
The world's most ambitious neobank just became a real bank — at home.
Existing Revolut UK customers will be contacted directly ahead of their account migration. No action is required at this stage.