Revolut Finance has achieved a milestone in its expansion by obtaining a UK banking license after a three-year regulatory process.
After a three-year regulatory approval process, Revolut, a London-based fintech company, has successfully obtained a banking license in the United Kingdom.
This significant milestone, announced on July 25, represents a critical juncture for the company as it fortifies and fortifies its position in its domestic market.
Entry into the UK Market
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 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.”
The company was established in 2015 and has experienced significant growth in its customer base. There are nine million registered users in the United Kingdom and over 45 million worldwide. It is supported in 35 countries worldwide.
At the time of its fundraising round in 2021, Revolut was valued at $33 billion. The organization is negotiating the sale of shares valued at approximately $500 million, which could elevate its overall valuation to around $40 billion.
Revolut’s status as Europe’s most valuable startup will be solidified if the sale is successful, as per PitchBook.
Revolut Finance enters the cryptocurrency market
Revolut has also made significant progress in the crypto sector. The company introduced “Revolut X” in early May, a crypto exchange designed explicitly for its retail user base in the United Kingdom. The company asserted the exchange would provide a seamless fiat-to-crypto conversion process and preset low fees.
It announced in March that it would integrate with MetaMask to enable direct in-app cryptocurrency purchases for consumers in the United Kingdom and the European Economic Area.
Since August 2023, Revolut has maintained its policy of suspending all cryptocurrency services for its clients residing in the United States.
It has also partnered with Solana on a “Learn and Earn Campaign” to boost the memecoin Bonk (BONK) user base by 500,000.
Revolut’s status as Europe’s most valuable startup will be solidified if the sale is successful, as per PitchBook.
