Revolut Secures Full UK Banking License, Expanding Deposit Protections and Crypto Services
Revolut's newly granted UK banking license marks a pivotal shift in fintech-bank convergence. The PRA-approved license enables £120,000 FSCS deposit protection through Revolut Bank UK Ltd., separating traditional banking from its crypto/stock trading arms. This bifurcated structure—where crypto services remain under non-bank entities—reflects regulators' growing comfort with hybrid models.
Customer migrations begin imminently, though crypto traders will notice no immediate changes to digital asset offerings. The fintech's parallel applications for US and Peruvian banking licenses signal global ambitions, leveraging its 30M+ user base to challenge incumbents. Revolut's banking pivot demonstrates how neobanks are maturing beyond payment rails into full-service institutions—without abandoning crypto-native audiences.
