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# Revolut launches UK bank after PRA lifts restrictions on its licence
- URL: https://www.theglobalbanker.com/revolut-secures-full-uk-license-after-four-year-wait/
- Published: 2026-03-11T12:00:00.000Z
- Updated: 2026-10-01T21:27:09.000Z
- Description: The Prudential Regulation Authority lifted the restrictions on Revolut’s UK banking licence on 11 March, ending a mobilisation phase that began in July 2024.
- Author: TGB Editorial Team
- Tags: Fintech, Europe

Revolut launched its UK bank on 11 March 2026 after the Prudential Regulation Authority lifted the restrictions on its banking licence. The approval ended a mobilisation phase that began in July 2024, when the PRA granted Revolut a restricted licence, and followed an application first made in 2021.

The new entity, Revolut Bank UK Ltd, is authorised by the PRA and regulated by the Financial Conduct Authority and the PRA. Eligible deposits are protected by the Financial Services Compensation Scheme, whose limit rose to £120,000 on 1 December 2025.

#### MOVING 13 MILLION CUSTOMERS

Revolut has about 13 million UK customers, who until now held e-money accounts with Revolut Ltd. Existing customers will receive at least two months’ notice before their accounts move to the bank, and the migration will run in phased batches expected to take a few months. New customers may first be opened with an e-money account and moved later. 

#### LENDING NEXT

Revolut said the launch paves the way for a wider range of services in the future, including lending and other products. "Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey," said chief executive Nik Storonsky.

**Sources:** [Revolut, “Revolut launches UK bank”, 11 March 2026](https://www.revolut.com/en-GB/news/revolut%5Flaunches%5Fuk%5Fbank/); [Bank of England, FSCS deposit limit, November 2025](https://www.bankofengland.co.uk/news/2025/november/pra-confirms-fscs-deposit-limit-to-be-increased-to-120000-from-1-december).