London-based fintech company Revolut has received a banking license in the UK after going through a complicated three-year approval process.
The U.K. Prudential Regulation Authority, despite some restrictions, gave the license the green light, allowing Revolut to expand its banking operations gradually before full implementation, the company said in a blog post on Thursday.
“We are incredibly proud to have reached this important milestone in the company’s journey and will ensure that Revolut becomes the first choice bank for customers in the UK.” – Revolut CEO Nik Storonsky said.
Revolut continues to see growth
Founded in 2015, Revolut has seen exponential growth, amassing nine million registered users in the UK and a staggering 45 million worldwide, with operations spanning 35 countries.
The fintech giant has achieved a valuation of $33 billion in a 2021 fundraising and is currently considering a share sale estimated at $500 million, potentially raising its total valuation to around $40 billion, positioning it as the leading startup in Europe, according to PitchBook ratings.
In addition to advances in banking, Revolut is actively expanding its presence in the cryptocurrency world. The launch of “Revolut X,” a specialized cryptocurrency exchange for UK retail clientele, underscores Revolut’s commitment to innovative financial services.
Previous integrations with MetaMask for direct in-app purchases of cryptocurrencies and partnerships with projects such as Solana to promote memecoin underscore Revolut’s foray into the evolving cryptocurrency landscape.
However, in August 2023. Revolut announced plans to halt its cryptocurrency services for US customers. The digital bank cited market uncertainty and changes in the local regulatory landscape in the country to suspend cryptocurrency services.
Meanwhile, the England-based fintech company said it would suspend the ability of US users to buy cryptocurrencies through its app.
In May, Revolut introduced its standalone cryptocurrency trading platform called Revolut X for UK retail customers. The company designed the new platform to compete with leading cryptocurrency exchanges, providing easy on/off switching and low fees.
While Revolut X was initially targeted at professional traders, it is available on desktops to all users in the UK with a Revolut retail account as of today.
Traders on Revolut X can make more than 100 token trades with fixed fees of 0% for brokers and 0.09% for takers, regardless of trading volume.
The launch of Revolut X follows the launch of Revolut Ramp in March, which allows users to purchase cryptocurrencies directly from Web3 wallets through a partnership with MetaMask developer Consensys.
