UK based neobank Revolut has announced that its Revolut Bank UK Ltd unit has received regulatory approval from the Prudential Regulation Authority (PRA) to exit the mobilisation phase, and launch as a bank in the UK.

Revolut Bank UK launch

The launch of Revolut Bank UK comes with an existing base of 13 million UK customers, and follows Revolut’s recent commitment to invest £3bn ($4bn) and create 1,000 high-skilled jobs in the UK. Revolut has also been upping its investment in awareness and branding in its home UK market lately, such as becoming back-of-shirt sponsor for Manchester City.

This milestone means that Revolut Bank UK Ltd will be able to start offering accounts as a fully licensed bank for both retail and business customers. It enables Revolut to offer deposit accounts protected by the FSCS on eligible deposits and paves the way for a wider range of services in the future, including lending and other products.

Bank rollout

Revolut said that it will gradually begin the process of rolling out current accounts to new customers in a few days, starting with a small group and expanding over the coming weeks to ensure a smooth user experience. (Some customers signing up from 11 March 2026 onwards may still be onboarded on to an EMI account with Revolut Ltd.) For existing customers, nothing changes immediately, and customers’ Revolut app and cards will continue to work as normal. Customers will be notified in the coming days about the migration to the new bank, a process that is expected to take a few months in total.

Nik Storonsky, Co-Founder and CEO of Revolut, commented,

“Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey. The UK is our home market and central to our growth. We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe. This is a vital step in our mission to build the world’s first truly global bank.”

Francesca Carlesi, UK CEO at Revolut, commented,

“Becoming a bank in our home market marks a defining moment in our journey — a milestone achieved through relentless focus, discipline, and belief in what we’re building. Securing this licence lays the foundation for our next chapter: expanding into a broader suite of products, including credit, to sit alongside the innovative services our customers already rely on every day. This will now enable us to continue on our mission to deliver the most seamless, secure, and customer-centric banking experience for consumers across the UK.”

New markets

The company added that the launch of Revolut’s UK bank unlocks the next phase in the company’s growth trajectory. The company recently announced a global £10bn ($13bn) investment over five years, in addition to creating 10,000 new jobs as it expands its global footprint. The company is now in the scaling phase of its commitment to launch in 30 new markets by 2030, with key licensing announcements made in the Americas this year, and significant expansion progress made in other key regions throughout 2025.