The crypto-friendly digital bank Revolut has officially launched its UK banking operations after regulators lifted restrictions on its license. The launch follows a recent commitment by the company to invest approximately $4.1 billion and create over 1,000 high-skilled jobs in the UK. The service will initially roll out to a small group of its existing 13 million UK customers before expanding more widely.
The digital financial services firm Revolut has officially launched its banking operations in the United Kingdom. According to the firm’s official statement, the Prudential Regulation Authority (PRA) has lifted the restrictions on its banking license.
The launch provides a full suite of banking services to Revolut‘s existing base of more than 13 million UK customers. This follows the firm’s recent commitment to invest roughly $4.1 billion and create at least 1,000 high-skilled jobs in the country.
Speaking on the matter, co-founder and CEO Nik Storonsky stated the importance of this development. “Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey,” he said.
Storonsky emphasized that the UK is the company’s home market and central to its growth. “We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe,” he added.
The rollout of the new banking services will be gradual over the coming weeks. It will start in a few days with a small group of existing customers before expanding further.
