![\"Martin](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2019\/07\/Martin-Gilbert.png\")
Revolut Bank, chaired by Scottish financial services veteran Martin Gilbert, will launch a full suite of banking services after securing approval from the City regulator.<\/p>\n
The bank already offers an app allowing its 13 million customers to sendi money and trade shares and cryptocurrencies. It also provides savings accounts to British customers using a third-party bank.<\/p>\n
Now that the Prudential Regulation Authority has granted it a full banking licence it can extend its range to current and deposit accounts and has plans to become a global business. It already has a Lithuanian banking licence granted in 2018 that allows it to operate in the European Union and it also works with third-party banks in the US and Australia.<\/p>\n
It is one of the UK\u2019s biggest fintechs with pre-tax profits in 2024 of \u00a31.1 billion and recently commitment to invest \u00a33bn and create 1,000 jobs in the UK. <\/p>\n
Revolut was given a provisional permit from the PRA in July 2024 but securing a full licence took longer than expected because of the scale of its existing operations, which are unusually large for a business seeking to become a bank.<\/p>\n
Attention will quickly focus on a possible flotation of the fintech group and whether it chooses London or New York for a listing of its shares. A dual listing has not been ruled out.<\/p>\n
Nik Storonsky, co-founder and CEO, said: \u201cLaunching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey.<\/p>\n
\u201cThe UK is our home market and central to our growth. We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe. This is a vital step in our mission to build the world\u2019s first truly global bank.\u201d<\/p>\n
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