Revolut Secures UK Banking Licence Amid Growth Surge
Revolut, with 45M users globally, gains UK banking licence with restrictions, marking a significant milestone in its fintech journey.
Revolut, the prominent global fintech entity boasting a staggering nine million customers in the UK and an impressive 45 million worldwide, has made a noteworthy announcement today, July 25. The company has officially secured its UK banking licence, albeit with certain restrictions imposed by the Prudential Regulation Authority (PRA).
In a bid to assuage any concerns, Revolut has clarified that there will be no immediate changes for its UK clientele during this transitional phase. This restricted period is strategically designed to facilitate the establishment of robust banking operations for emerging banks like Revolut, paving the way for a more comprehensive market launch in the near future. Until that momentous occasion arrives, UK customers can continue to utilize their Revolut e-money accounts with the same ease and familiarity as always.
In a further display of its financial prowess, Revolut recently unveiled its financial accounts for the year 2023, revealing that the group's revenues have soared beyond a remarkable $2.2 billion. Additionally, the company reported record profits before tax, amounting to an impressive $545 million. It seems that Revolut is not just banking on its future; it’s cashing in on it too!
Revolut Secures UK Banking Licence Amid Growth Surge
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