Revolut Secures Full UK Banking License, Deposits Protected up to £120,000

Revolut has officially obtained a full banking license from the UK Financial Conduct Authority (FCA), marking a comprehensive transformation for the fintech giant from a digital payment platform to a regulated universal bank. This significant development will enable it to offer UK users bank accounts protected by the Financial Services Compensation Scheme (FSCS), with individual deposit protection up to £120,000.

Previously, Revolut primarily provided services such as cross-border payments, currency exchange, and digital asset trading. While widely popular, user funds were not covered by the deposit insurance protection of the traditional UK banking system. Now, with its official establishment as a bank, Revolut will gradually introduce more traditional banking functions, including higher-yield savings products, personal loan services, and other standardized banking operations, further deepening the integration of its App platform with regulated financial infrastructure. This move not only enhances user trust in the platform's security but also gives Revolut a key advantage in competing with traditional UK banks and emerging digital banks. As a core component of its global expansion strategy, obtaining a full license in the important financial market of the UK means that Revolut has a more solid operational foundation under a compliant framework, paving the way for future entry into other international markets. The company stated that more banking-related features will be launched in the coming months, and users can continue to follow the latest developments through official channels. As the fintech industry gradually matures, obtaining authoritative regulatory approval has become a key threshold for leading platforms to achieve scale and sustainable development.