- Cryptocurrency-backed fintech platform Revolut has obtained a UK banking license.
- The digital financial institution has 9 million prospects within the UK and 45 million worldwide.
After a three-year wait, cryptocurrency-friendly fintech Revolut has lastly secured a banking license from UK banking regulator the Prudential Regulation Authority (PRA).
Revolut introduced the milestone in a press launch on Thursday, July 25, saying the following step is the “mobilization” section. Often known as a “Restricted Authorization”, this can be a step within the licensing course of that many new banks should full as a part of constructing operations earlier than going in the marketplace.
“We’re extremely proud to have reached this necessary milestone within the firm's journey and can be sure that we achieve making Revolut the financial institution of selection for UK prospects,” Revolut CEO Nik Storonsky stated in a press release.
UK prospects are usually not affected
Based on Revolut, the restricted interval masking the “mobilization” section is not going to have an effect on UK prospects. The financial institution, which has greater than 9 million prospects within the UK and greater than 45 million worldwide, has assured its UK prospects that use of the Revolut e-money account will proceed as regular.
Francesca Carlesi, UK CEO of Revolut, commented on the event:
“At present's announcement is a big step ahead for Revolut and our prospects. Being a financial institution within the UK is a large accountability and we’ll work tirelessly to supply services that enhance the monetary lives of everybody who makes use of Revolut.
Revolut first utilized for a UK license from the PRA in 2021.
In Could of this yr, Revolut introduced the launch of a brand new cryptocurrency platform known as Revolut X.
The stand-alone crypto platform is designed for skilled cryptocurrency merchants and affords entry to on and off ramps and low charges. With these options, the fintech stated on the time, Revolut X will compete with the main exchanges available in the market.
