Revolut Wins a Banking License in UK

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Revolut announced on Thursday that it has been granted a banking license by UK financial regulators.

The approval of a preliminary license from the UK’s Prudential Regulation Authority (PRA) is the result of a rigorous three-year application process for the financial technology firm.

In a statement, Revolut CEO Nik Storonsky expressed their pride in achieving this important milestone and their commitment to making Revolut the preferred bank for UK customers.

The PRA has issued the license with certain restrictions, as Revolut now enters a “mobilization” stage before obtaining a full license.

During this period, the bank will face limitations such as a £50,000 limit ($64,000) on total customer deposits.