Revolut, a global financial super app serving over 45 million customers worldwide and 9+ million customers in the UK, is thrilled to announce that it has been authorized as a UK bank subject to restrictions. This significant milestone marks an important step in Revolut's journey to launch its bank to customers in the UK.

As part of this authorization, Revolut will enter a "mobilization" period, a common regulatory phase for new banks. During this time, the company will complete the setup of its banking processes and infrastructure before starting full operations as a UK bank.

What This Means for Customers:

During this mobilization period, Revolut customers will experience no changes to their current accounts. All existing products and services will continue to operate as usual, ensuring a seamless experience. Revolut remains committed to safeguarding customers' money with the same high standards it has always maintained.

Revolut will provide regular updates as it progresses through the mobilization period. Customers can look forward to more information on the next steps and how their existing Revolut accounts will transition to UK bank accounts once the setup is complete.

Marca Wosoba, COO of ZBD:

"A massively successful UK fintech company is expanding globally and is also moving up the value chain by transitioning from an EMI to a banking license. This move allows the company to continue offering products such as lending to customers and to earn net interest income on deposits, big news now that we are no longer in a 0% interest rate environment  This serves as proof that an EMI can transform into a bank in the UK, similar to Adyen in the Netherlands, although this is a rare occurrence. This move presents significant competition for Starling, Monzo, and established banks in the UK such as NatWest, Barclays, and HSBC."