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Prudential Regulation Authority grants Revolut NewCo UK banking licence; mobilisation phase limits total customer deposits to £50,000 before full authorisation

Published on: 26 July 2024

Published by a Law360 reporter
Legal News
Article summary

The Prudential Regulation Authority (PRA)

The Prudential Regulation Authority (PRA), which oversees banks, building societies and credit unions, has granted Revolut NewCo Ltd, the online banking subsidiary of Revolut Group Holdings Ltd, which states it has over 9m UK customers and 45m globally. Francesca Carlesi, UK Chief Executive of Revolut NewCo Ltd, said: 'Today's announcement represents a major step forward for Revolut and for our customers ...It is a profound responsibility to be a bank in the UK, and we will work tirelessly to provide products and services'...

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