Revolut has secured a full UK banking licence from the Bank of England and the Prudential Regulation Authority, bringing an end to the long mobilisation period that had capped deposits and limited the scope of its products. The decision marks a decisive shift in Revolut’s position in the UK financial system, moving it from a restricted operator into a fully licensed bank.
That change has immediate consequences for customers and market participants. Customer deposits will now qualify for Financial Services Compensation Scheme protection up to £85,000, and Revolut can begin offering lending products such as loans, overdrafts, and credit cards that were previously off limits during mobilisation.
We’re now officially a fully licensed bank in the UK.
As a bank, we’ll soon offer accounts protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person on eligible deposits.
It also means we’ll be able to launch more banking features in the future… pic.twitter.com/fH7K2TQLDd
— Revolut (@Revolut) March 11, 2026
From restricted approval to full banking status
Revolut’s path to this point was lengthy and closely supervised. The company first applied for a UK banking licence in 2021, received conditional approval from the PRA in July 2024, and then spent an extended mobilisation period working through governance, systems, and control upgrades before receiving full approval in March 2026.
That mobilisation phase was more than a procedural delay. The deposit cap and product limits reflected a regulatory process focused on whether Revolut could meet prudential and conduct expectations before being allowed to operate as a full bank in the UK market. Regulators also allowed that phase to run beyond the usual 12-month period while the company completed the required enhancements.
With the licence now in place, Revolut can widen its retail and business banking offer in a meaningful way. The company is now positioned to provide branded savings accounts, credit cards, overdrafts, and other lending services under a fully licensed banking structure, materially changing its commercial reach and its regulatory profile.
A broader product set brings broader obligations
The new status also raises the bar operationally. As Revolut moves from a limited operator to a full bank, its compliance burden will expand across AML controls, governance standards, record retention, and ongoing supervisory engagement. The same systems and process reviews that defined mobilisation are likely to remain central to how regulators assess the company going forward.
Operational resilience remains a clear point of focus. The fact that regulators extended the mobilisation period signals how much weight they placed on governance remediation, infrastructure upgrades, incident reporting, and beneficial-owner verification before granting full approval. That history suggests supervision will remain intense even after the licence has been granted.
Revolut said it will migrate customers to the new banking entity over the course of a few months and provide advance notice during the process. That phased transition is designed to reduce disruption while giving the company time to complete reconciliations, update contracts, and refine KYC and AML workflows as accounts move into the full banking framework.
