Fintech firm Revolut has been granted a banking license in the UK, putting an end to its three-year wait.
The firm has now entered into the Prudential Regulatory Authority's (PRA) ‘mobilization’ stage. Notably, this stage is designed for new banks to function with tightened restriction screws.
According to the official regulatory website, they can secure investments, recruit staff, and enhance IT systems.
However, there will be a limit placed on the amount of total deposits the new bank can accept.
This means Revolut is now on track to become a qualified bank in the UK. Notably, it is also licensed to offer crypto services.
During the 12-month mobilization stage, new banks must prove that they will be fully operational and can cater to issues flagged by the regulator before they function full-fledged.
Revolut is regarded to be one of the most valuable startups within the fintech arena. Its revenue surpassed $2.2 billion last year, with record profits before tax of $545 million.
Francesca Carlesi, the UK CEO of Revolut, underlined that it is a “tremendous responsibility” to be a bank in the UK. Further elaborating on the latest development, the executive said,
“This is the next phase in Revolut’s journey in the UK - we can’t wait to get going.”
In May, the firm’s crypto exchange Revolut X was put to sea to cater to professional crypto traders.
Furthermore, the firm is also in the midst of sealing a deal to sell around $500 million worth of employee-owned shares at a valuation of $45 billion.
This deal, if wrapped up, would open the doors for a potential Initial Public Offering [IPO] for the crypto-friendly bank.
