Revolut has finally secured a full UK banking licence after a five-year regulatory battle, marking a major milestone for Europe's most valuable fintech. The Bank of England's Prudential Regulation Authority confirmed the approval on Wednesday, ending years of scrutiny that began when Revolut first applied in 2021.

Founded in 2015 as a travel finance app, Revolut has grown to a $75 billion valuation following a recent share sale. The company received a restricted licence in 2024 but spent nearly two years in a mobilisation period—longer than the 12-month guideline—addressing IT, compliance, and risk management systems.

The licence comes after reported tensions between government and Bank of England officials. Finance minister Rachel Reeves allegedly tried to accelerate the process, but was rebuffed by BoE governor Andrew Bailey over concerns about the Bank's independence. This approval could strengthen Revolut's position as it pursues similar status in the US, where it has applied for a banking licence and hired former Visa executive Cetin Duransoy to lead operations.