Revolut secures UK bank license, expands FSCS protection

Revolut has secured a UK banking license, enabling FSCS-protected accounts and gradual service expansion. Crypto trading remains separate and is not FSCS-protected.

Revolut has obtained a full UK banking license from the Prudential Regulation Authority, enabling it to operate as a fully authorized bank. This license allows Revolut to offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS), with coverage up to £85,000 or £120,000 per eligible depositor, depending on the source of funds. The rollout of current accounts will begin gradually, starting with a small group of customers and expanding in the coming weeks. Existing users will not experience immediate changes to their accounts. Revolut will continue to provide cryptocurrency trading through a separate entity, which remains outside FSCS protection. The company also plans to invest billions in the UK and create at least 1,000 high-skilled jobs. This regulatory milestone marks a significant step in Revolut's evolution from a fintech platform to a fully regulated bank, paving the way for more traditional banking products such as loans and enhanced savings accounts.