Revolut obtains a UK banking license and officially launches regulated banking services

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Deep Tide TechFlow News, March 11, reports that Revolut has received approval from the UK Prudential Regulation Authority (PRA) to officially open Revolut Bank UK, which will offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS) for approximately 13 million UK users, with a maximum protection of £85,000 per person.

The company will gradually migrate users to the new banking platform, while cryptocurrency trading services will continue to operate through an independent entity and are not covered by FSCS. Revolut also announced plans to invest £3 billion in the UK and create 1,000 high-skilled jobs, with plans to expand into 30 new markets worldwide by 2030.

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