Revolut Secures a UK Banking License
After more than three years since its initial application, fintech giant Revolut has finally been granted a banking license in the United Kingdom, making it one of the most valuable fintech companies worldwide.
The London-based company has entered the “mobilization stage” set by the Prudential Regulatory Authority, which imposes certain restrictions on new banks.
With this approval, Revolut is on track to become a fully licensed bank in the UK, allowing it to offer cryptocurrency services alongside its traditional banking services.
Revolut has been offering crypto trading for several years and recently introduced a stand-alone cryptocurrency exchange for experienced traders.
Additionally, the company, which is already valued as one of the world’s most valuable fintech startups, announced plans this week to sell $500 million in employee-owned shares, which would raise its value to $45 billion.
