Overview
- Eligible deposits in Revolut Bank UK will be protected under the Financial Services Compensation Scheme, and the licence opens the door to lending and other balance‑sheet products.
- Revolut will start with a small cohort of new UK current‑account customers within days and migrate existing users over the coming months, with app and cards unchanged until notified.
- Crypto trading, stocks, commodities and certain savings products will remain in separate Revolut entities outside the new bank and will not be covered by FSCS protection.
- The approval caps a multi‑year process that began in 2021 and extended well beyond the typical timeframe, drawing political attention including reports of a blocked meeting sought by Chancellor Rachel Reeves.
- Revolut cites about 13 million UK customers and a roughly $75 billion valuation, and it has pledged £3 billion of UK investment with 1,000 jobs while pursuing additional licences, including a U.S. national bank charter.