Revolut has obtained a UK banking license after a lengthy application process that started in January 2021, allowing it to offer services like overdrafts, loans, and savings products to its 9 million UK customers, similar to traditional banks.

The licensing milestone is crucial for Revolut's image, investor relations, and potential valuation exceeding $40 billion, with significant financial growth seen in revenues nearly doubling to 2.1 billion euros in 2023 and profits increasing from 6 million to 395 million euros.

Nik Storonsky, the CEO of Revolut, expressed pride in reaching this milestone and aims to make Revolut the preferred bank for UK customers, with Francesca Carlesi, the UK CEO, emphasizing the importance of becoming a UK bank to enhance the financial well-being of Revolut users.

The UK banking license enhances the legitimacy of British neobanks, with Revolut's valuation nearing $45 billion, potentially surpassing traditional banking giants like Barclays and NatWest.

Once restrictions are lifted, Revolut plans to expand offerings to include deposits and loans, particularly in real estate, to boost interest income.

Revolut needs to meet various internal process requirements to exit the mobilisation phase and become a full-fledged bank.

The approval is provisional, allowing Revolut to enter the mobilisation stage to establish its banking operations before a formal launch, with initial restrictions including a twelve-month mobilization phase.

The Prudential Regulation Authority (PRA) granted Revolut a UK banking licence with restrictions, entering a 'mobilisation' stage that could last up to 12 months with a £50,000 cap on customer deposits.

Revolut offers a wide range of financial services globally, aiming to exceed competitors' offerings, solidifying its position in the UK home market.

Founded in 2015, Revolut has nine million UK users and over 45 million globally, with the company aiming for global expansion and a target of 100 million customers by the end of 2025.

Revolut gained 12 million new customers in the past year, totaling over 45 million customers globally.

Revolut, one of the world's most valuable fintech startups, announced plans to sell $500 million worth of employee-owned shares, potentially increasing its value to $45 billion.