Revolut clinches UK banking license, ending three-year wait [Video]

British fintech startup Revolut said on Thursday that it had received a banking license with restrictions from the U.K.’s Prudential Regulation Authority, bringing to an end a three-year wait.

The London-headquartered firm now has time to build up its U.K. banking infrastructure and operations ahead of officially launching.

Revolut first applied for its banking license in 2021, but it has faced lengthy delays.

“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,” Revolut’s UK CEO Francesca Carlesi said in a statement.

A U.K. banking license will allow Revolut to take customer deposits and also issue products like loans and credit cards. It joins a host of other challenger banks like Monzo and Starling, which …