Revolut has been granted a full UK banking license by the Bank of England's Prudential Regulation Authority, concluding a regulatory process that began in 2021.

The London-based digital bank submitted its initial application for the banking license three years ago as part of its strategy to expand its regulated financial services in its home market.

The approval from the Prudential Regulation Authority represents a significant milestone for the fintech company, which has operated in the UK primarily as an electronic money institution rather than a fully licensed bank.

Revolut's banking license will allow the company to offer a broader range of traditional banking services to its UK customers, including deposit protection under the Financial Services Compensation Scheme.

The three-year timeline from application to approval reflects the thorough regulatory review process required for banking licenses in the UK, where authorities conduct extensive assessments of applicants' financial stability, governance structures, and operational capabilities.