Revolut, one of the globe’s premier fintech firms, has finally obtained a banking license in its homeland, the United Kingdom, more than three years post-application.

Entering the Mobilization Phase

The London-based enterprise has now advanced into the Prudential Regulatory Authority’s (PRA) “mobilization stage,” an intermediary period designed for nascent banks to function under certain restrictions. This development signifies Revolut’s progression towards becoming a fully operational bank in the UK, with the added capability to provide cryptocurrency services.

Expanding Crypto Services

Revolut has been facilitating the purchase and sale of cryptocurrencies for several years. This year, it launched a dedicated cryptocurrency exchange aimed at seasoned traders, underscoring its commitment to expanding its crypto offerings.

Valuation Surge and Future Plans

Already a leading fintech startup, Revolut recently revealed plans to sell $500 million worth of employee-owned shares. This transaction is poised to elevate the company’s valuation to an impressive $45 billion.