After a three-year regulatory approval process, Revolut, a London-based fintech company, has successfully obtained a banking license in the United Kingdom.
On July 25, the company proclaimed a significant milestone representing a critical juncture in its efforts to fortify and consolidate its position in its domestic market.
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The Prudential Regulation Authority of the United Kingdom issued the license with specific conditions, enabling Revolut to expand its banking operations progressively before a full-scale launch.
Nik Storonsky, the CEO of Revolut, conveyed his satisfaction with the company’s achievement of this milestone, stating:
“We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers.”
Since its establishment in 2015, the organization has expanded its clientele to nine million registered users in the United Kingdom and more than 45 million globally, with support in 35 countries worldwide.
Revolut earned a $33 billion valuation during a fundraising round in 2021, three years prior. Nevertheless, the organization is currently negotiating the sale of shares valued at approximately $500 million, which would elevate its overall valuation to around $40 billion.
According to PitchBook, sales would solidify Revolut’s status as Europe’s most valuable startup if it were successful.
