Revolut received regulatory approval to launch a British bank, allowing it to compete head-to-head with high street lenders in areas such as current accounts and consumer lending.

The London-based firm, which has amassed 13 million customers in Britain but no physical branches since it was founded just over a decade ago, was granted a banking licence with restrictions in July 2024 after a three-year wait.

Nik Storonsky, Revolut's co-founder and CEO, has said getting a licence in its home market was his top 1 priority.

Revolut will now take on Britain's incumbent banks including Barclays, Lloyds and NatWest, opens new tab and said it expects to start rolling out current accounts to new clients "in a few days".


It predicted the process of moving customers to the new bank to take "a few months in total", Reuters reported.

Founded in 2015, Revolut has grown rapidly around the world in the last decade, with more than 65 million customers globally and a $75 billion private market valuation.

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