LONDON (Reuters) -British fintech Revolut said on Thursday it had received a UK banking licence with restrictions from the Prudential Regulation Authority, ending a three-year wait.
The authorisation brings the global fintech firm with more than nine million UK customers closer to full licensed operations in Britain.
Revolut said it had now entered the “mobilisation” stage, sometimes referred to as “Authorisation with Restrictions.”
Francesca Carlesi, UK CEO of Revolut, said Thursday’s announcement was a significant step forward for the firm and its customers.
“It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut.”
The licence is a boost for Revolut as it seeks a valuation for the business of more than $40 billion through a planned share sale. That valuation which would cement its position as Europe’s most valuable start-up.
(Reporting by Sinead Cruise and Tom WilsonEditing by Tommy Reggiori Wilkes)
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