Svmuu News: Crypto-friendly fintech company Revolut has been approved to launch its full-license bank, Revolut Bank UK Ltd., after the UK Prudential Regulation Authority lifted restrictions on its banking license. This license allows Revolut to offer deposit accounts protected by the Financial Services Compensation Scheme to its approximately 13 million UK customers, with a protection limit of £85,000 (approximately $114,000) per eligible customer deposit.
Revolut will gradually roll out current accounts to a small group of customers in the coming days, expanding coverage over several weeks. Existing users will undergo a phased migration process lasting several months. Its cryptocurrency trading services will continue to operate through a separate entity within the same app and are not covered by the FSCS protection.
Nik Storonsky, Co-founder and CEO of Revolut, stated that launching a UK bank has long been a strategic priority for the company. Additionally, Revolut recently committed to investing £3 billion in the UK and creating 1,000 high-skilled jobs, while also planning a global investment of £10 billion to expand into 30 new markets by 2030. Earlier this month, Revolut also applied for a new banking license from the U.S. Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.