Key Points:
- 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.”
- 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.
- Licence Pursuit:
- Revolut applied for the UK banking licence in 2021.
- 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.
- 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.
