- Revolut obtains a UK banking license after a comprehensive three-year regulatory process.
- Fintech giant plans expansion with current discussions to boost valuation to around $40 billion.
- Revolut intensifies crypto offerings, launching “Revolut X” exchange and partnering with MetaMask.
Revolut, a prominent fintech firm that endorses cryptocurrency trading, has successfully obtained a banking license in the United Kingdom after navigating a rigorous three-year regulatory approval process. The license, granted by the UK’s Prudential Regulation Authority, marks a major step for Revolut as it aims to expand its banking operations in its home market, starting with limited operations leading to a full-scale launch.
Company Expansion
Founded in 2015, Revolut has seen rapid growth, boasting nine million registered users in the UK and over 45 million globally. The company operates in 35 countries and was valued at $33 billion during a fundraising round in 2021. Recent discussions about selling shares worth approximately $500 million could boost its valuation to around $40 billion, further establishing Revolut as one of Europe’s top startups.
Nik Storonsky, CEO of Revolut, expressed his pride in the achievement, committing to make Revolut the bank of choice for UK customers. Daniel Waterhouse, a general partner at Balderton Capital, which led Revolut’s Seed and Series A rounds, noted that the license is a testament to the firm’s quality, organization, and leadership.
