Revolut gets full UK banking licence after years-long wait

Revolut, Europe’s most valuable start-up, said on Wednesday it had received regulatory approval to launch a British bank, allowing it to compete head-to-head with high street lenders in areas such as current accounts and consumer lending. The London-based financial services firm, which has amassed 13 million customers in Britain but no physical branches since it was founded just over a decade ago, was granted a banking licence with restrictions in July 2024 after a three-year wait.