Revolut granted full banking licence in the UK — what it means for customers, the market and Ukraine
Revolut has become a full-fledged bank in the United Kingdom with FSCS protection for deposits up to £120,000 — it's a question of trust, competition and regulatory access in the US.
By Tetiana Suchkova-Ladik
March 12, 2026 · 2 min read
What happened
British fintech Revolut has received a full banking licence in the United Kingdom: the Prudential Regulation Authority (PRA) lifted the restrictions imposed when the licence was issued two years ago. The company announced the decision on 11 March; Bloomberg and other outlets note that this paves the way for the full launch of Revolut Bank UK.
Brief for customers
Revolut plans to open bank accounts for new customers "within days", while migrating current users to the new banking setup may take several months. UK depositors are now protected by the FSCS deposit insurance scheme up to £120,000 (approximately $160,550), which significantly increases protection in the event of bank problems.
"Launching our bank in the United Kingdom was a long‑term strategic priority for Revolut and is an important milestone in our development. The UK is our home market and a key driver of our growth."
— Nik Storonsky, co‑founder and CEO of Revolut
Why this matters for the market and regulators
A full licence allows Revolut to offer UK customers lending products and other banking services already available in the EU. This makes the company a direct competitor to Lloyds, NatWest and Barclays. Bloomberg analysts also note that having a UK licence could simplify obtaining further approvals in other jurisdictions — notably the United States, where Revolut filed for a banking licence on 5 March.
The Ukrainian dimension
Revolut was founded in 2015 in London by Nik Storonsky and Vlad Yatsenko; the company is valued at around $75 billion and has about 70 million users. For Ukraine there are two key points: first, the involvement of a Ukrainian co‑founder underscores the role of our specialists in global fintech; second, at the end of 2025 Revolut announced it would cease operations in Ukraine — open accounts must be closed from 22 February 2026. NBU head Andriy Pyshnyi denied any conflict with the company, while drawing attention to regulatory compliance issues.
Implications
In short: for British customers — more products and a higher level of deposit protection; for the market — increased competition and a push for further Revolut expansion; for regulators — a test of a large neobank's ability to act as a full lender. For Ukraine this is a reminder that international fintech giants make strategic decisions regardless of the local political context, and that the participation of Ukrainian specialists in creating global products carries weight in the reputational capital of our industry.
Conclusion
The PRA's decision is a technical victory for Revolut, but the real value will be measured by the speed of product launches, service quality and how quickly the company converts the licence into a sustainable market presence. For Ukraine the question is different: how to leverage our intellectual and reputational contribution to global technologies when businesses make strategic decisions outside the country?
