Crypto-Friendly Revolut Finally Earns UK Banking License

Revolut has been granted a restricted banking licence by the prudential regulator three years after applying.

The approval means it is on its way to becoming a fully-fledged UK bank with a licence to offer crypto services.

Revolut, one of the world’s most valuable fintech companies, has finally been granted a banking licence in its home country of the UK, more than three years after applying.

Revolut announced on Thursday that the London-based company has entered the Prudential Regulatory Authority’s (PRA) “mobilisation phase” designed to allow new banks to operate with restrictions.

The approval means it is on its way to becoming a fully-fledged bank with a license to offer crypto services in the UK. Revolut has been allowing crypto trading for several years and introduced a standalone cryptocurrency exchange for experienced investors earlier this year.

Revolut, one of the world’s most valuable fintech startups, announced earlier this week that it would sell $500 million worth of employee stock, bringing its value to $45 billion.

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