Revolut launches UK bank with full FSCS protection for customers
Revolut has officially launched its UK bank, marking a major step in the company's growth. The move shifts it from an e-money licence to full banking status, bringing new protections for customers. Co-founder Nik Storonsky called the launch a turning point for Revolut's global plans.
The new banking licence allows Revolut to offer a wider range of services, including lending and expanded financial products. Previously, customer deposits were safeguarded but not covered by the Financial Services Compensation Scheme (FSCS). Now, UK users will have their money protected up to £85,000 per person.
Revolut Bank UK Ltd will begin rolling out current accounts in stages. A small group of customers will gain access first, followed by a gradual expansion to all 13 million UK users over the coming weeks. The company expects migrating existing accounts to take several months, with updates sent via the Revolut app.
Beyond the UK, Revolut has set ambitious targets for global expansion. It plans to enter 30 new markets by 2030, with licensing progress already advanced in key regions. In the USA, a bank licence application has been filed, while Mexico has seen banking services launched and scaled. India has also granted Revolut a payment licence.
The company has committed to investing £3 billion into the UK economy. This includes creating around 1,000 high-skilled jobs as part of its broader growth strategy.
The shift to a fully licensed bank positions Revolut to compete more directly with traditional high-street lenders and digital rivals. Customers will gain access to a broader set of financial services, backed by stronger deposit protections. The expansion also supports the company's long-term goal of reaching new markets worldwide.
