Revolut Granted UK Banking License After 3-Year Regulatory Process

cryptonews.com:

London-based fintech firm Revolut has been granted a banking license in the United Kingdom after navigating a complex three-year approval journey.

The UK’s Prudential Regulation Authority, albeit with certain constraints, greenlit the license, enabling Revolut to gradually expand its banking activities before a full-fledged rollout, the firm said in a Thursday blog post.

“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,” Revolut CEO Nik Storonsky said.

Established in 2015, Revolut has experienced exponential growth, amassing nine million registered users in the UK and a staggering 45 million globally, with operations spanning 35 countries.

The fintech giant garnered a valuation of $33 billion in a 2021 fundraising drive and is currently exploring a share sale estimated at $500 million, potentially propelling its total valuation to around $40 billion, positioning it as Europe’s premier startup, as per PitchBook assessments.

In addition to its banking strides, Revolut has been actively expanding its presence in the cryptocurrency realm.

The introduction of “Revolut X,” a specialized crypto exchange for its UK retail clientele, underscores its commitment to innovative financial services.

Earlier integrations with MetaMask for direct in-app crypto purchases and collaborations with projects like Solana to promote memecoins highlight Revolut’s foray into the evolving crypto landscape.

However, in August 2023, Revolut announced plans to halt its crypto services for US customers.

The digital bank cited the market uncertainty and changes to the local regulatory landscape in the country for suspending crypto