The global fintech now enters the PRA’s (Prudential Regulation Authority) ‘mobilisation’ stage, having received authorisation with restrictions, designed for new banks to complete the build out of their banking operations, according to ”revolut.com” .
Revolut, the global fintech with over nine million UK customers and 45 million globally, has announced today that it has received its UK banking licence with restrictions from the Prudential Regulation Authority (PRA), the regulator responsible for overseeing the UK banking sector.
Nik Storonsky, CEO of Revolut, commented:“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.”
Francesca Carlesi, UK CEO of Revolut, commented:“Today’s announcement is a significant step forward for Revolut and for our customers. It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut.
Revolut recently published its financial accounts for 2023, announcing that Group revenues surpassed $2.2bn, with record profits before tax of $545m.
Key takeaways:
– Revolut NewCo Ltd, a UK subsidiary of Revolut Group Holdings Ltd, is now a licensed UK bank.
– The ‘mobilisation’ stage, sometimes referred to as ‘Authorisation with Restrictions’, is a common industry process, with many new banks having gone through this, including: Monzo, Starling, Atom Bank, Zopa Bank, GB Bank and Kroo.
– Until the mobilisation stage is completed and the UK Bank is launched, Revolut’s UK customers will remain with Revolut Ltd, a UK e-money institution regulated by the FCA, where their funds are safeguarded in accounts in line with the Electronic Money Regulations 2011.
Read the full art. on ”revolut.com” .
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