Odaily Planet Daily report: Following the removal of restrictions on its banking license by the UK Prudential Regulation Authority, the crypto-friendly fintech company Revolut has been approved to launch its full-service bank, Revolut Bank UK Ltd. The license enables Revolut to offer deposit accounts protected by the Financial Services Compensation Scheme to its approximately 13 million UK customers, with eligible deposits insured up to £85,000 (approximately $114,000) per customer.
Revolut will gradually roll out current accounts to a limited group of customers over the coming days and expand coverage over the following weeks; existing users will undergo a phased migration over several months. Its cryptocurrency trading services will continue to operate through a separate entity within the same app and are not covered by the FSCS.
Revolut co-founder and CEO Nik Storonsky said that launching a UK bank has long been a strategic priority for the company. Additionally, Revolut has recently committed to investing £3 billion in the UK and creating 1,000 high-skilled jobs, alongside plans to invest £10 billion globally and expand into 30 new markets by 2030. Earlier this month, Revolut also applied for a new banking license with the U.S. Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.