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Revolut Set to Receive Full UK Banking License This Week, Financial Times Reports

Revolut Set to Receive Full UK Banking License This Week, Financial Times Reports

According to Revolut, the fintech has now received a full UK banking license under PRA and FCA supervision, with eligible deposits protected up to £120,000 while crypto and stock services remain separate.

Fact Check
The claim is directly supported by an official announcement from Revolut on March 11, 2026, confirming that the PRA has lifted restrictions on its banking license. This allows the company to offer full banking services and FSCS protection, exactly as described in the statement. Major news outlets including The Block and Financial Times (as referenced in the search snippets) covered the event on the same day.
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Summary

Revolut said it has received a full UK banking license and created Revolut Bank UK Ltd., allowing it to expand banking services and migrate customer accounts in stages. According to the company’s statement, the new bank will be supervised by the Prudential Regulation Authority and the Financial Conduct Authority, and eligible customer deposits will be protected up to £120,000 under the Financial Services Compensation Scheme. Revolut said most day-to-day account features, including account numbers, sort codes, IBANs, transaction history and statements, will remain unchanged during migration. The company also stated that savings balances will remain with partner banks and that crypto trading, commodities and stock services will continue to operate through separate Revolut entities rather than the new UK bank.

Terms & Concepts
  • FSCS: The UK’s Financial Services Compensation Scheme protects eligible deposits if an authorized financial firm fails; Revolut said eligible deposits will be covered up to £120,000.
  • Crypto trading: The buying and selling of digital assets such as cryptocurrencies; Revolut said these services will remain outside its new UK banking entity.
  • IBAN: International Bank Account Number, a standardized format used to identify bank accounts for cross-border and domestic payments.