Revolut, a London based fintech company has finally secured a United Kingdom Banking license after a regulatory approval process that lasted for three years.
Revolut which has always been open to Crypto adoption announced the milestone it achieved today as it looks forward to the world of opportunities opened up by the new development.
The london based firm entered the Prudential Regulatory Authority’s (PRA) “mobilization stage,” designed for new banks to operate with restrictions
Nik Storonsky, the CEO of Revolut, shared his opinion on the milestone while commenting on how the firm feels about the whole thing.
“We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers.”, Nik stated
The news of the successful issuance of a UK banking licence to Revolut was well received by the crypto community given that Revolut has always opened up its self to crypto innovations and have integrated various crypto projects into its product.
Revolut and Crypto
Revolut is no new comer to the crypto space having launched various crypto based projects in the past.
In early May Revolut launched “ Revolut X” a crypto exchange specifically designed for its UK user base. The exchange promised to offer low fees and easy Fiat to crypto conversions as one of its unique selling propositions.
In March Revolut announced an integration with popular wallet provider MetaMask to enable in app crypto purchases for its user base.
Revolut also collaborated with Solana in a “Learn and Earn” campaign which sought the promote BONK memecoin and increase its user base by 500,000
Revolut approval means that it has become one of the few Crypto supported banks with a license to offer crypto services that is on its way to become a fully-fledged bank in the UK.
Despite this giant stride made by Revolut in the UK crypto industry, cryptocurrency related activities remains suspended for its United States market since august 2023.
What to Know
- Revolut was founded in 2015 and has since then blossomed into a Fintech powerhouse with a customer base of 9 million registered users in the UK and over 45 million globally. Revolut is also supported in a staggering 35 countries
- In 2021, Revolut was valued at about $33 billion during a fundraising. The firm currently has plans to sell shares worth about $500 million, potentially increasing its overall valuation to approximately $40 billion. It this deal pull through, Revolut will become Europe’s most valuable startup according to Pitchbook.