• Crypto-friendly fintech platform Revolut has secured a banking license within the UK.
• The digital financial institution has 9 million UK clients and 45 million globally.

After a three-year wait, crypto-friendly fintech agency Revolut has lastly secured a banking license from United Kingdom’s banking regulator Prudential Regulation Authority (PRA).

Revolut introduced the milestone in a information launch on Thursday, July 25, noting that the following step is the “mobilization” stage. Also called ‘Authorisation with Restrictions’, it is a step within the licensing course of that many new banks have to finish as a part of constructing out operations earlier than launching out there.

“We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers” Nik Storonsky, CEO of Revolut, mentioned in an announcement.

UK clients not impacted

In line with Revolut, the restricted interval protecting the “mobilization” stage won’t influence UK clients. The financial institution, which has over 9 million clients within the UK and greater than 45 million worldwide, has assured its UK clients that use of the Revolut e-money account will proceed as regular.

Commenting on the event, Francesca Carlesi, UK CEO of Revolut, mentioned:

“Right now’s announcement is a major step ahead for Revolut and for our clients. It’s a super accountability to be a financial institution within the UK and we’ll work relentlessly to supply services that enhance the monetary lives of everybody who makes use of Revolut.

Revolut first utilized for the UK license from PRA in 2021.

In Could this yr, Revolut introduced the launch of a brand new crypto alternate platform dubbed Revolut X.

The stand-alone crypto platform is for skilled crypto merchants and provides entry to on and off ramps and low charges. These options, the fintech mentioned on the time, will see Revolut X compete with main exchanges out there.