In order to be able to finalise its UK banking operations before launching in full, Revolut now enters the ‘mobilisation,’ stage, also known as authorisation with restrictions. This means that customers will not experience any service disruptions and will be able to use their Revolut accounts as usual.
Revolut NewCo Ltd, a UK subsidiary of Revolut Group Holdings Ltd, is the holder of the UK banking licence. The 'mobilisation' stage is a common industry process experienced by several other banks, including Monzo, Starling, Atom Bank, Zopa Bank, GB Bank, and Kroo, as outlined in the Bank of England’s ‘New bank authorisation process’ guide.
During 'mobilisation', authorised banks are limited to holding GBP 50,000 in total customer deposits. Until the completion of this stage and the official launch of the UK bank, Revolut’s UK customers will continue to be served by Revolut Ltd, a UK e-money institution regulated by the FCA, with funds protected according to the Electronic Money Regulations 2011.
Regarding this very important development, the CEO of Revolut emphasised the company’s commitment to becoming a preferred bank for UK customers. Revolut officials also described the announcement as a significant step forward, stressing the responsibility of being a bank in the UK and their dedication to improving financial services for users.
Apart from pursuing a UK banking licence, Revolut has been keeping busy with various product launches such as a pan-European debit loyalty card programme in the UK and a personal loan product in Italy.
Revolut launched RevPoints in the UK in July 2024 in a bid to allow customers to turn their everyday spending into extraordinary rewards, including airline miles and exclusive discounts on travel, accommodation, experiences and more.
In the same month, Revolut launched a personal loan product in Italy, which is expected to become available to all of the company’s Italian customers by fall 2024. The introduction of personal loans is part of Revolut's strategy to increase its user base in Italy, with the goal of making Revolut the primary account for its users' salary deposits and major financial activities.
Company officials added that by the end of the year, the company plans to obtain an Italian IBAN, which would enable it to expand its services to include credit cards, Buy Now, Pay Later options, and potentially mortgages in the future.
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