Revolut received its long-awaited UK banking licence from the PRA in 2024, making it a legitimate UK bank. It is excellent for travel money and international transfers. Past compliance concerns have been substantially addressed. A safe choice, especially now with FSCS protection incoming.
Revolut was founded in London in 2015 by Nikolay Storonsky and Vlad Yatsenko and has grown to become one of Europe's most valuable private technology companies, last valued at over $33 billion. It is registered in the UK (Companies House: 08804411) and in 2024 received its long-awaited UK banking licence from the Prudential Regulation Authority — a process that took several years and involved significant scrutiny of Revolut's compliance frameworks, governance structures, and financial controls. The granting of this licence is a meaningful signal of regulatory confidence.
Prior to the banking licence, Revolut operated primarily as an e-money institution in the UK, meaning customer funds were safeguarded under e-money regulations but not covered by the FSCS. During the transition to full bank status, this protection is being updated — check Revolut's website for the current status of FSCS coverage for your account. In practice, the risk of losing money was low even under e-money regulation, but the FSCS protection now coming into force provides the gold-standard consumer guarantee. Revolut has also substantially improved its compliance and customer service operations in recent years, addressing earlier criticisms.
Revolut's product is genuinely excellent, particularly for international use. It offers real mid-market exchange rates for currency conversion (similar to Wise), low or zero fees on overseas card spending up to monthly limits, and multi-currency accounts that are ideal for travellers and expats. Cryptocurrency trading, stock investment, and savings products are also available within the app. For day-to-day UK banking, Monzo or Starling may offer a more mature experience, but for travel money and international financial management, Revolut is a market leader. A legitimate and increasingly well-regulated choice.