Revolut secures UK banking licence with restrictions, enters mobilisation stage

Key Points:

1. Licence Acquisition:
   • Revolut has secured a UK banking licence with restrictions from the Prudential Regulation Authority (PRA).
   • The company is now in the “mobilisation stage.”
2. Mobilisation Stage Details:
   • During this stage, Revolut must complete building its UK banking operations.
   • Current UK customers will not see changes; they can continue using their e-money accounts.
   • Revolut is limited to holding only £50,000 of total deposits for customers during this period.
   • The PRA specifies mobilisation should take no longer than 12 months, but it could be shorter.
3. Licence Pursuit:
   • Revolut applied for the UK banking licence in 2021.
4. Financial Performance:
   • Revolut reported record net profits of $428 million for 2023.
   • The company plans to increase its global headcount by 40% to around 11,500 staff in 2024.
5. Statements from Executives:
   • Francesca Carlesi, UK CEO of Revolut, sees the licence as a significant step forward and a responsibility to improve financial lives.
   • Nik Storonsky, CEO of Revolut, expressed pride in reaching this milestone and aims to make Revolut the bank of choice for UK customers.