Revolut, the global fintech company with over nine million UK customers and 45 million globally, has entered the Prudential Regulation Authority's (PRA) 'mobilisation' stage. This development follows Revolut receiving a UK banking license with restrictions, a significant step in its expansion within the UK financial sector, which it has been pursuing since 2021.
In the UK, the 'mobilisation' stage, also referred to as ‘Authorisation with Restrictions’, is a crucial phase for new banks seeking to enter the market. This stage is part of the regulatory framework established by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The primary goal of this phase is to ensure that the new bank can finalise its operational setup and meet all regulatory requirements before fully launching its services to the public.
During this period, there are no immediate changes for existing Revolut UK customers, who can continue to use their Revolut accounts as usual.
This transitional phase allows Revolut to complete the build-out of its UK banking operations, ensuring all systems and processes are in place ahead of a full market launch.
Revolut recently published its financial accounts for 2023, announcing that Group revenues surpassed US$2.2bn, with record profits before tax of US$545m.
Nik Storonsky, CEO of Revolut, comments: "We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers.”
Francesca Carlesi, UK CEO of Revolut, adds: “Today’s announcement is a significant step forward for Revolut and for our customers. It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut.”
“This is the next phase in Revolut’s journey in the UK - we can’t wait to get going.”
**************
Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series – FinTech LIVE 2024.
**************
FinTech Magazine is a BizClik brand