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Crypto-Friendly Revolut Finally Earns UK Banking License
Revolut has entered a "mobilization stage" designed for new banks to operate with restrictions.
Updated Jul 25, 2024, 9:01 a.m. Published Jul 25, 2024, 8:58 a.m.
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- Revolut received a banking license with restrictions from the Prudential Regulation Authority three years after applying.
- The approval means it is en route to becoming a fully fledged U.K. bank that is also licensed to offer crypto services
Revolut, one of the world's most valuable fintechs, finally won a banking license in its native U.K. more than three years after applying.
The London-based company has entered the Prudential Regulatory Authority's (PRA) "mobilization stage," designed for new banks to operate with restrictions, Revolut said Thursday.
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The approval means it is on the path to becoming a fully fledged bank in the U.K. that is also licensed to offer crypto services. Revolut has allowed the buying and selling of crypto for several years and introduced a standalone cryptocurrency exchange for experienced traders earlier this year.
Already one of the world's most valuable fintech startups, earlier this week Revolut announced plans to sell $500 million worth of employee-owned shares in a deal that would increase its value to $45 billion.
Read More: Sygnum's First-Half Spot Crypto Trading Doubles, Derivatives Increase 500%
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