Revolut secures UK banking licence and launches protected current accounts
Revolut Bank UK has officially launched current accounts for private and business customers after securing a full UK banking licence. The move follows approval from the Prudential Regulation Authority (PRA), allowing the fintech firm to hold deposits and offer lending services. Existing Revolut users will see no immediate changes to their accounts or cards for now.
The rollout of new current accounts began on 11 March 2026, starting with a small group of customers. Over the following weeks, the service will gradually expand to more users. Deposits in eligible accounts will now be protected by the Financial Services Compensation Scheme (FSCS), providing added security for customers.
Revolut enters this phase with an established base of 13 million UK users. Francesca Carlesi, UK CEO at Revolut, stated that the licence paves the way for future growth, including credit products. Co-founder and CEO Nik Storonsky added that the UK remains a key market for Revolut's long-term plans. In the coming months, Revolut will notify customers about migrating to the new banking system. While lending and other services are planned, the company has confirmed that current users will experience no disruption to their existing app or card services.
The launch marks a significant step for Revolut in the UK, allowing it to operate as a fully licensed bank. Customers will gain access to FSCS-protected accounts, with further services like lending expected in the future. The transition will be phased, with notifications sent to users over the next few months.
