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.
Crypto Initiatives
Beyond traditional banking, Revolut has been active in the cryptocurrency sector. In May, the company launched “Revolut X,” a crypto exchange designed for its UK retail base, offering low fees and straightforward fiat-to-crypto transactions. Additionally, Revolut announced a partnership with MetaMask in March, enabling direct in-app crypto purchases for its UK and European Economic Area customers. However, it continues to suspend all cryptocurrency services for its United States-based customers since August 2023.
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The company also engaged with Solana on a “Learn and Earn Campaign.” The program targeted an increase of 500,000 users for the memecoin Bonk (BONK), aiming to expand its influence in the cryptocurrency space.
