Revolut Steps Closer to Full UK Bank Status, Adds Crypto Services

Revolut, a leading name in the fintech sector, has successfully secured a conditional banking license from the Prudential Regulation Authority (PRA), marking a significant step towards becoming a fully operational bank in the United Kingdom.

This milestone comes three years after the initial application, ushering Revolut into the “mobilization stage,” a phase allowing new banks to function under certain limitations.

Advancing Crypto Capabilities

Alongside traditional banking services, this license uniquely positions Revolut to enhance its cryptocurrency offerings.

Having already facilitated cryptocurrency transactions, Revolut is expanding its footprint in the digital currency space by launching a dedicated cryptocurrency exchange earlier this year, aimed at seasoned traders.

This move aligns with its strategy to integrate more comprehensive crypto services under its banking framework.

Fintech Valuation and Future Prospects

Revolut’s recent achievement in the banking sector underscores its commitment to broadening its financial services. Earlier in the week, the company also announced a significant internal share sale, projecting to raise $500 million.

2/3. ↕️ 🧵 Given recent ongoing speculation about #Revolut’s valuation https://t.co/lAa8YszgUg presumably that also might enjoy a boost 😉 https://t.co/ycLi9c5VQW pic.twitter.com/7Y3ajPkJMq

— Charterhouse Square (@CharterhouseSq) July 25, 2024

This sale is expected to elevate Revolut’s valuation to around $45 billion, reinforcing its status as one of the globe’s most valuable fintech ventures.

As Revolut navigates through the final phases of its banking accreditation, it continues to set benchmarks in the fintech industry, blending traditional banking with modern cryptocurrency solutions.