Revolut, the London-based fintech firm, has been granted a banking license by the UK’s Prudential Regulation Authority after a challenging three-year approval process. This license allows Revolut to expand its banking activities gradually before a full-scale rollout. CEO Nik Storonsky expressed pride in this achievement and commitment to making Revolut the preferred bank for UK customers.
Significant Growth and Market Position
Since its inception in 2015, Revolut has seen significant growth, amassing nine million users in the UK and 45 million globally, operating in 35 countries. The company achieved a valuation of $33 billion in 2021 and is considering a $500 million share sale that could raise its valuation to $40 billion, making it one of Europe’s leading startups.
Expansion into Cryptocurrency
Revolut has been actively expanding its cryptocurrency services. The launch of “Revolut X,” a dedicated crypto exchange for UK retail customers, marks a significant step in this direction. This platform aims to compete with major crypto exchanges by offering easy access and low fees for crypto trading.
In May, Revolut launched the Revolut X trading platform, which allows UK retail customers to trade over 100 tokens with fixed low fees. This followed the earlier launch of Revolut Ramp, enabling crypto purchases directly into Web3 wallets in partnership with MetaMask developer Consensys.
Regulatory Challenges
Despite its progress, Revolut has faced regulatory challenges. In December, the company suspended crypto trading for its UK business customers to comply with new FCA requirements. Additionally, in August 2023, Revolut halted its crypto services for US customers due to regulatory uncertainties and market changes.
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