Summary:
- Revolut wins UK banking license, entering the PRA’s mobilization stage.
- Path to becoming a fully licensed bank, including offering crypto services.
- Plans to sell $500 million in employee-owned shares, boosting valuation to $45 billion.
Revolut, one of the world’s most valuable fintech companies, has finally secured a banking license in its native U.K. after more than three years of waiting. The London-based company announced on Thursday that it has entered the Prudential Regulatory Authority’s (PRA) “mobilization stage,” which is designed for new banks to operate with certain restrictions.
This approval puts Revolut on the path to becoming a fully licensed bank in the U.K., capable of offering a range of banking services, including those related to cryptocurrencies. Revolut has been facilitating the buying and selling of cryptocurrencies for several years and introduced a standalone cryptocurrency exchange for experienced traders earlier this year.
In addition to this significant milestone, Revolut recently announced plans to sell $500 million worth of employee-owned shares in a deal that would raise its valuation to $45 billion. This move further cements its status as one of the world’s leading fintech startups.
With the new banking license, Revolut is poised to expand its offerings and continue its rapid growth in the financial sector.
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