Revolut Receives Important License in the UK

On July 25, non-bank Revolut announced that it had received a restricted banking license from the UK's Prudential Regulation Authority (PRA), which oversees the banking sector.

This license puts Revolut in the mobilization phase where the platform will work towards achieving fully operational banking services.

The license allows the company to be able to build its financial infrastructure before it begins formal operations as a bank.

It allows Revolut to test its systems while gradually introducing new services.

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Francesca Carlesi, Revolut’s UK CEO, highlighted the company’s commitment to improving financial services in the UK.

Revolut, known for its innovation in the crypto sector, recently launched Revolut X, a new crypto exchange for retail customers. The company reported over $2 billion in revenue and $545 million in pre-tax profit for the previous year.

Kosta Gushterov