Revolut, the UK-based fintech giant, has finally received its long-awaited UK banking licence after a three-year wait. This significant milestone allows Revolut to expand its services within the UK, including offering credit cards, personal loans, and mortgages, which were previously unavailable to its UK customers.
The journey to obtaining this licence has been marked by persistent efforts and substantial growth. Despite delays, Revolut continued its global expansion, adding 12 million customers in 2023 alone, bringing its total customer base to over 45 million. The company’s financial performance has been robust, reporting a record pre-tax profit of £438 million in 2023, up from a loss of £25 million the previous year, with revenues nearly doubling to £1.8 billion.
The new banking licence will enable Revolut to compete more directly with other UK digital banks like Monzo and Starling, which have already been offering lending products. With this development, Revolut aims to enhance its market position and continue its aggressive expansion strategy, which includes plans to move its global headquarters to a newly refurbished building in Canary Wharf.
CEO Nikolay Storonsky expressed optimism about the future, highlighting the company’s commitment to expanding its services and market presence both in the UK and internationally. This new chapter in Revolut’s journey marks a significant step towards redefining the financial services landscape.