Revolut gains PRA approval to exit mobilisation and launch Revolut Bank UK as a fully authorised deposit-taker
Revolut has received approval from the Prudential Regulation Authority (PRA) — the UK's banking supervisor, part of the Bank of England — to exit the mobilisation phase and formally launch Revolut Bank UK as an authorised UK bank. The approval marks the end of a years-long regulatory authorisation process and allows Revolut to operate as a fully licensed deposit-taking institution in its home market for the first time. Co-founder and CEO Nik Storonsky described the launch of the UK bank as a long-term strategic priority and a significant milestone in Revolut's development. The announcement follows Revolut's pledge to create 1,000 high-skilled jobs in the UK as part of the authorisation process, alongside a broader £3 billion ($4 billion) investment commitment. Separately, Revolut has announced a global investment of £10 billion over the next five years and an ambition to create 10,000 new jobs internationally. The mobilisation phase — a supervised period in which a newly authorised bank operates under restrictions before receiving full authorisation — has historically been a source of frustration for fintech applicants. Revolut's successful exit signals the PRA's willingness to complete the authorisation of high-growth digital banks, albeit on an extended timeline. The firm has also announced recent expansions into the US market, following a launch in Mexico.
Why this matters
Full PRA authorisation unlocks a materially different regulatory and legal framework for Revolut: it must now comply with the full suite of PRA and FCA (Financial Conduct Authority) requirements applicable to deposit-taking institutions, including prudential capital requirements, FSCS (Financial Services Compensation Scheme — the UK depositor protection scheme) membership, and enhanced consumer protection obligations. This creates sustained compliance advisory work — both for Revolut's in-house team and external counsel — across regulatory capital, product governance, and consumer duty compliance. The authorisation also removes a competitive handicap relative to traditional banks, which may accelerate Revolut's expansion into lending and other regulated products, generating further transactional work.
On the Ground
A trainee supporting a bank authorisation or regulatory compliance mandate would be drafting regulatory notification documents, completing FCA/PRA application forms for new product approvals or change of control notifications, and maintaining a compliance gap analysis memo tracking the gap between current operations and the full regulatory requirements that now apply.
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“What is the difference between a firm operating in mobilisation and a fully authorised UK bank, and what additional regulatory obligations does full authorisation trigger?”
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