TechFlow News: On March 11, according to The Block, Revolut has received approval from the UK’s Prudential Regulation Authority (PRA) to launch Revolut Bank UK, which officially commenced operations. The new bank offers deposit accounts protected by the UK’s Financial Services Compensation Scheme (FSCS), covering up to £85,000 per customer, to approximately 13 million users in the UK.
The company will migrate users to the new banking platform in phases. Cryptocurrency trading services will continue to operate through a separate legal entity and are not covered by FSCS protection. Revolut also announced plans to invest £3 billion in the UK and create 1,000 high-skilled jobs, with ambitions to expand into 30 new global markets by 2030.
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