Revolut Formally Secures Full UK Banking License in Global Digital Banking Milestone

London-based Revolut serves more than 80 million customers globally and operates in over 39 countries, but its U.S. business still relies on FDIC-insured partner banks for cards, credit and payments. A national bank charter would let it take insured deposits, extend loans and access U.S. payment rails more directly, lowering costs and reducing its dependence on third parties. The move is central to Revolut’s ambition to build a global digital bank and compete head-on with established U.S. lenders.

Revolut Bank US, N.A. filed its de novo application on March 10, 2026, and received preliminary conditional approval from the OCC on Sept. 2, with a 2027 launch planned. It must still secure FDIC deposit insurance, Federal Reserve approvals and final OCC clearance, and start with at least $95 million in paid-in capital. Retail foreign exchange was excluded from the approval, while FX forwards, merchant acquiring and foreign non-affiliate correspondent banking require separate supervisory non-objection. The approval expires if the bank does not open within 18 months.

Revolut has served European customers mainly through Lithuania-based Revolut Bank UAB, using the EU passporting regime to operate across the bloc since 2018. A French charter was not required to keep serving those markets, but it gives the fintech a second EU banking hub closer to its largest Western European customer base and local regulators. The dual-hub structure is intended to speed product localisation and support Revolut’s shift from a cross-border finance app into a major retail bank.

On Aug. 10, 2026, Revolut said Revolut Bank S.A. had won a full banking licence after a joint review by France’s Autorité de Contrôle Prudentiel et de Résolution and the European Central Bank; the ECB Governing Council formally adopted the decision. The bank will start with France before expanding in phases to Germany, Ireland, Italy, Portugal and Spain. Revolut serves about 30 million Western European customers, including nearly 8 million added in 2025, and has committed more than €1 billion to the region, more than 600 hires and a Paris headquarters opening in 2027.

Revolut entered Australia about six years ago and has built a local base of more than 1 million retail customers and several thousand business clients. A full banking licence allows the UK fintech, which serves more than 75 million customers globally, to expand beyond payments and foreign exchange into regulated deposits, interest-bearing savings and credit. Australia is its first licensed banking operation in Asia-Pacific, extending a banking footprint that already includes the UK, European Economic Area and Mexico.

Revolut said on July 21, 2026, that the Australian Prudential Regulation Authority had granted it a full, unrestricted Authorised Deposit-taking Institution licence, enabling the immediate launch of Revolut Bank Australia. Existing Australian customers will be transferred automatically, while new users will be onboarded directly to the bank. Eligible deposits are covered by the government-backed Financial Claims Scheme for up to A$250,000 per account holder. Revolut also committed to investing nearly A$400 million in Australia over five years, funding product development, growth and its local workforce.

UK fintech company Revolut has more than 70 million customers worldwide and operations in Brazil, Mexico, Colombia and Argentina. Its entry into Peru is part of a plan to expand into 100 markets, with the goal of becoming the country’s first fully licensed digital-only bank.

Peru’s Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) issued Resolution No. 00949-2026 on March 30, 2026, and published it on April 1, authorizing the incorporation of Revolut Bank Perú S.A. The approval covers only its organization, and no investment amount was disclosed. The bank must still complete its incorporation, pass regulatory inspections and obtain an operating license before it can formally open for business.