Revolut, chaired by Aberdeen businessman Martin Gilbert, has secured approval from UK regulators to operate as a bank after a wait of more than five years.
The London-based financial technology company has been granted a full banking licence by the Prudential Regulation Authority, allowing it to compete directly with high-street lenders.
Chief Executive and co-founder Nik Storonsky described the decision as a “significant moment” for the business and “a vital step in our mission to build the world’s first truly global bank”.
Revolut already has around 13 million UK customers using its app for services such as money transfers, trading shares and cryptocurrencies.
With the new licence, the company plans to begin offering current accounts to new customers, while existing users will be moved over to its new bank.
The approval brings to an end a lengthy process that began when Revolut first applied to the Bank of England’s Prudential Regulation Authority in early 2021.
The licence paves the way for the fintech group to expand its range of banking services in the UK and challenge established lenders.
FSTE100
The UK's flagship share index, the FTSE 100, was down 52 points at 10,294 shortly after opening this morning.
Brent crude oil futures were up 4.37% at $95.99 a barrel.
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