<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/revolut-secures-banking-license-from-uks-pra/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Revolut Secures Banking License from UK’s PRA</a><br></p>
<p style="text-align: justify">As a fintech company, <strong>Revolut</strong> achieved a significant milestone by obtaining a banking license with restrictions from the UK’s Prudential Regulation Authority (PRA). This move came after more than three years of intensive efforts in the license <a href="https://newslinker.co/category/mobile/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">application</a> process, marking an important turning point in the company’s journey to becoming a full-fledged bank. The license approval moves Revolut into the “mobilization phase,” a stage designed by the PRA for new banks to operate under certain restrictions before achieving full operational status.</p>
<h2 style="text-align: justify" id="mobilization-phase-and-its-significance">Mobilization Phase and Its Significance</h2>
<p style="text-align: justify">The mobilization phase allows Revolut to start operating with specific limitations while meeting all the requirements set by the PRA. This phase is a critical step for new banks, enabling them to establish their operations, systems, and procedures under regulatory supervision. For Revolut, this means it can begin offering banking services under close monitoring and with specific conditions that must be met to transition to a fully operational bank.</p>
<p><img fetchpriority="high" decoding="async" class="wp-image-373759 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/exchange-5.jpg" alt="" width="740" height="415"></p>
<p style="text-align: justify">Revolut’s journey to becoming a licensed bank also includes its ability to offer <a href="https://en.coin-turk.com/why-arent-cryptocurrencies-appreciating-whats-next-for-bitcoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> services. The company has been a significant player in the fintech sector for several years, allowing users to buy and sell cryptocurrencies.</p>
<p style="text-align: justify">Earlier this year, Revolut expanded its crypto offerings by launching an independent cryptocurrency exchange for experienced traders. The ability to offer crypto services as a licensed bank uniquely positions Revolut in the market, enabling it to bridge the gap between traditional banking and the evolving world of cryptocurrencies.</p>
<h2 style="text-align: justify" id="service-range-to-expand">Service Range to Expand</h2>
<p style="text-align: justify">This banking license not only enhances Revolut’s credibility but also paves the way for expanding its range of <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">financial services</a>. As a licensed bank, Revolut can now potentially offer a broader range of products and services to its customers, including loans, mortgages, and other traditional banking services.</p>
<p style="text-align: justify">This diversification is expected to attract a wider customer base and increase the company’s market share in the highly competitive financial sector. In addition to obtaining the banking license, Revolut recently announced plans to sell $500 million worth of shares owned by employees.</p>
<p style="text-align: justify">This move is expected to raise the company’s value to $45 billion, underscoring its growth and investor confidence in its future prospects. The share sale is a strategic decision aimed at providing liquidity to employees and aligning their interests with the company’s long-term goals.</p>
<ul class="Summary">
 <li>Revolut obtained a banking license from the UK’s PRA.</li>
 <li>The mobilization phase allows limited operations under PRA supervision.</li>
 <li>Revolut plans to expand its financial services and increase market share.</li>
</ul>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/revolut-secures-banking-license-from-uks-pra/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Revolut Secures Banking License from UK’s PRA</a></h5>
<p>The post <a href="https://en.coin-turk.com/revolut-secures-banking-license-from-uks-pra/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Revolut Secures Banking License from UK’s PRA</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Revolut Secures Banking License from UK’s PRA

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