Revolut secures UK banking licence after three-year wait

It is understood that the victory will have a positive knock-on effect across Revolut's other markets

Undated file handout photo issued by Revolut of a Revolut card on a table. Revolut has secured a UK banking licence, three years after making an application to regulators, the fintech firm has announced. A licence means the company will be able to operate as a bank and offer lending products like credit cards, personal loans, or mortgages. Issue date: Thursday July 25, 2024.

Global fintech firm Revolut has received a UK banking licence following a three-year wait, allowing it to compete more directly against Britain's biggest banks.

It is a major victory for Revolut and marks a new era for the company, with the licence bringing it closer to the same UK permissions as the traditional banks it is seeking to challenge.