Revolut Secures UK Banking Licence After 3-Year Wait

• Revolut has finally secured a UK banking licence, ending a prolonged three-year struggle with regulators, which is a significant boost for its expansion plans in its home market.
• The Prudential Regulation Authority granted the licence, overcoming previous hurdles including auditors' inability to fully verify revenue figures in the 2021 accounts.
• With this licence, Revolut can now expand its product and service offerings in the UK, its largest market, complementing its existing European banking licence from Lithuania.
• CEO Nik Storonsky expressed pride in reaching this milestone, emphasizing the company's commitment to becoming the bank of choice for UK customers.
• Despite receiving the licence with restrictions, Revolut plans to build out its UK banking operations before a full launch, aiming to leverage its 9 million UK customers and 45 million globally.

Source: FT