Revolut, one of the most valuable fintech companies globally, has finally obtained a banking license in its home country, the U.K., after more than three years of waiting. The London-based fintech has now entered the Prudential Regulatory Authority’s (PRA) “mobilization stage,” which allows new banks to operate under specific restrictions.
Towards Full Bank Status
This significant milestone puts Revolut on the road to becoming a fully operational bank in the U.K., complete with a license to offer crypto services. Revolut has been facilitating the buying and selling of cryptocurrencies for several years and launched a standalone cryptocurrency exchange for experienced traders earlier this year.
Boosting Company Valuation
Revolut, already a leading name in fintech, announced plans to sell $500 million worth of employee-owned shares earlier this week. This move is anticipated to increase the company’s valuation to an impressive $45 billion.
