Revolut has been granted its full UK banking licence, following an 18-month 'mobilisation' stage after being granted preliminary approval by the regulator 18 months ago.
The fintech said the Prudential Regulation Authority has now lifted restrictions on its banking licence, allowing its UK bank to be launched.
Revolut Bank UK Ltd will now roll out new banking services for its 13 million UK customers, the company said, including retail and business current accounts in the coming weeks.
The process of rolling out current accounts will be gradual and phased, beginning "in a few days, starting with a small group and expanding over the coming weeks to ensure a smooth user experience".
Revolut, which last autumn committed to investing £3 billion to create 1,000 high-skilled jobs in the UK and a new global headquarters in London, said current app and cards will continue to work as normal, with customers required to be given at least two months' notice about the migration to the new bank process, which is expected to take a few months in total.
Co-founder and CEO Nik Storonsky said: “Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey.
"The 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’s first truly global bank."
UK CEO Francesca Carlesi, the former Barclays and Deutsche Bank exec who was hired in 2024 to oversee the final process of achieving a full UK banking licence, said it "marks a defining moment in our journey".
She said it "lays the foundation for our next chapter: expanding into a broader suite of products, including credit, to sit alongside the innovative services our customers already rely on every day".
Alongside the investment in the UK, the digital lender has also announced a total of £10 billion over five years, aiming to launch in 30 new markets by 2030.
In its latest round of financing, last November, Revolut was valued at about $75 billion, putting the fintech among Europe’s most valuable private tech groups.
The funding round was led by Coatue, Greenoaks, Dragoneer and Fidelity, with Nvidia’s NVentures, Andreessen Horowitz, Franklin Templeton and funds advised by T. Rowe Price also taking part.