Key Takeaways:
- Revolut received a UK banking license after a three-year regulatory process, marking a significant milestone.
- The license allows gradual expansion of Revolut’s banking operations in the UK, aiming for a full-scale launch.
- With over 45 million global users, Revolut plans a $500 million share sale to potentially raise its valuation to $40 billion.
Revolut, a London-based fintech company, secured a UK banking license after a protracted three-year regulatory process, marking a major milestone in its expansion.
The UK’s Prudential Regulation Authority granted the license with certain restrictions, allowing Revolut to gradually build its banking operations before a full-scale launch.
Revolut secures UK banking licence after 3-year wait https://t.co/elnkDhqJgy
— Financial Times (@FT) July 25, 2024
CEO Nik Storonsky expressed pride in this achievement, aiming to make Revolut the preferred bank for UK customers.
Founded in 2015, Revolut has rapidly grown, with nine million registered users in the UK and over 45 million globally.
My thoughts on @RevolutApp finally getting its UK banking licence.
— Simon Taylor (@sytaylor) July 25, 2024
It's UK Banking license will allow it to offer overdrafts, loans, and savings products to its more than 9m UK consumers.
🧠This is a huge moment for Revolut and UK Fintech. Revolut has talked a big game on the…
Valued at $33 billion in 2021, the company is now discussing a $500 million share sale, potentially raising its valuation to $40 billion.
If successful, this would cement Revolut as Europe’s most valuable startup.
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