Revolut, a London-based global financial services company, said on Thursday it has secured a UK banking license.
The company said it is now entering a new stage of “building out” its UK banking operations.
“We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers,” Revolut CEO Nik Storonsky said in a press release.
The license was issued by the UK’s Prudential Regulation Authority.
Revolut Bank received a banking license in Lithuania in December 2021, replacing its specialized banking license obtained in 2018.
Revolut has over 9 million private customers in the UK and more than 45 million worldwide. Storonsky said in early July that the company aimed to expand into new markets globally and expected to reach the 50 million private customer mark this year.
The Revolut Group posted 395 million euros in net consolidated profits last year, a 56-fold increase from 7 million euros in 2022, as revenues soared to 2.1 billion euros, from 1.1 billion euros.
Lithuania-based Revolut Bank boosted its net profit to 78.4 million euros last year, from 23.6 million euros in 2022, as revenue more than doubled to 1.1 billion euros, from 490 million euros.
Source: BNS
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