Revolut, the British fintech startup, has officially secured a banking license from the UK\u2019s Prudential Regulation Authority (PRA), ending a three-year wait. The license, which comes with certain restrictions, allows Revolut to develop its UK banking infrastructure and operations before launching its full suite of services.<\/p>\n
The company, headquartered in London, first applied for the license in 2021. Delays primarily stemmed from issues with Revolut\u2019s share structure, which did not align with the PRA\u2019s regulations. British regulators required Revolut to consolidate its six classes of shares into ordinary shares, a requirement the company has now met through a restructuring deal with major Japanese tech investor SoftBank.<\/p>\n
With the new banking license, Revolut is set to offer traditional banking products such as customer deposits, loans, and credit cards. The firm joins other challenger banks like Monzo and Starling in competing with established players like Barclays.<\/p>\n
Francesca Carlesi, Revolut\u2019s UK CEO, highlighted the significance of the license, stating, \u201cToday\u2019s announcement is a significant step forward for Revolut and for our customers. It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut.\u201d<\/p>\n
Revolut\u2019s financials showed marked improvement in 2023. The company reported a pre-tax profit of \u00a3438 million ($545 million) for the year, a turnaround from a pre-tax loss of \u00a325.4 million in 2022. Group revenues surged by 95% to \u00a31.8 billion, up from \u00a3920 million the previous year.<\/p>\n
The license marks a pivotal development for Revolut, enhancing its ability to compete in the UK banking sector and expand its offerings to customers.<\/p>\n","protected":false},"excerpt":{"rendered":"
British fintech Revolut receives a UK banking license, marking a major milestone and enabling new financial services.<\/p>\n","protected":false},"author":331,"featured_media":48299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[15028,4745,339],"class_list":["post-48298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","tag-revolut","tag-tech","tag-uk"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/331"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=48298"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48298\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/48299"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=48298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=48298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=48298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}