UK regulator grants Revolut full banking licence
Fintech becomes authorised deposit-taking bank
Change
The UK’s Prudential Regulation Authority granted Revolut a full banking licence, allowing it to hold deposits and offer banking services.
Why it matters
The approval transitions Revolut into a regulated deposit-taking institution, requiring counterparties to treat it as a full bank under prudential and compliance frameworks.
Implications
- — Revolut can accept deposits — product expansion enabled
- — Partners must treat Revolut as a bank — compliance and risk frameworks updated
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