Observed Signal · Mar 11, 2026 · Regulatory Approval · Source: CNBC Technology · Impact: 3/5 · Sentiment: Positive
Revolut Secures Full UK Banking License After Long Wait
Fintech firm Revolut has been granted a full U.K. banking license, allowing it to operate as a fully licensed retail and business bank in the U.K. and to offer new products including lending. Revolut began its application in 2021 and had previously received a restricted banking licence in July 2024 from the U.K.’s Prudential Regulation Authority that limited total customer deposits to £50,000. The company, which reached a $75 billion valuation in 2025, said the U.K. is its home market; it reported about 70 million customers, has applied for a U.S. banking licence, and plans to launch in 30 new markets by 2030. Revolut framed the approval as a strategic milestone following a protracted regulatory mobilisation phase.
The licence materially expands Revolut’s product and deposit capabilities in the U.K., intensifying competition with incumbent banks and enabling new services (e.g., lending) that affect fintech and payments markets; significant for fintech sector growth though not a major AdTech industry shift.
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Key Takeaways & Evidence Grounding
- Revolut received a full U.K. banking licence enabling it to offer accounts and lending to retail and business customers.
- Revolut previously held a restricted licence from July 2024 that capped customer deposits at £50,000.
- Revolut began its U.K. banking licence application in 2021.
- Revolut reached a $75 billion valuation in 2025 and said it has about 70 million customers.
- Revolut has applied for a U.S. banking licence and plans to enter 30 new markets by 2030.
Connected Companies & Entities
3 Entities mappedRelated Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Revolut's £1.3B Profit Signals Banking Ambition
The newsletter highlights two major fintech developments: (1) broad industry alignment around the Universal Commerce Protocol (UCP) — with Amazon, Microsoft, Meta, Salesforce and Stripe joining a tech council alongside founding members such as Google, Shopify and Wayfair — marking a de facto standard for agentic commerce after Stripe abandoned its rival Agentic Commerce Protocol. Tests of instant agent-driven checkout showed low conversion (≈1.18%) and high abandonment. (2) Institutional coverage of Revolut following its FY25 results: revenue £4.5B, net profit £1.3B, deposits £36B and a low loan-to-deposit profile (≈6%). J.P. Morgan and UBS reports emphasise Revolut’s high profitability driven by fees/subscriptions and the optionality of scaled lending now enabled by an unrestricted UK banking licence (March 2026) and a pending U.S. bank charter application (filed March 2026).
Revolut seeks Swiss banking license
Revolut has applied for a banking license in Switzerland with the Swiss Financial Market Supervisory Authority FINMA. The license would enable a standalone Swiss bank and a broader local offering, including Swiss IBANs, salary accounts, eBill payments, and merchant services. The company, which has over 1.3 million customers in Switzerland, plans to invest over CHF 150 million in the market over five years. This license would complement existing licenses in Lithuania and France. A recent data breach, where attackers used a legitimate authority domain to request customer data, has also affected some users, including crypto industry figures. The company states its systems and funds are not affected. The FINMA decision is still pending.
Revolut Applies for Swiss Banking License, Plans Local Banking Push
Revolut has applied to the Swiss Financial Market Supervisory Authority (FINMA) for a banking license, aiming to establish a standalone Swiss bank. The company, with over 1.3 million Swiss customers, plans to invest over 150 million Swiss francs over five years. A license would enable local services like Swiss IBANs, salary accounts, eBill, merchant payments, and eventually Pillar 3a retirement savings and TWINT integration. Currently, Swiss IBANs are backed by Lithuania-based Revolut Bank UAB using PostFinance infrastructure. This move adds to existing licenses in Lithuania and France. Additionally, Revolut is addressing a security incident where attackers used fake government requests to obtain customer data, including crypto users. The company states its systems and funds were not affected. The application is pending FINMA approval.
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