Is Revolut an actual bank?
Yes — Revolut became a fully licensed UK bank in 2024, after the Prudential Regulation Authority (PRA) granted it a banking licence. This means UK customer deposits are now protected by the Financial Services Compensation Scheme (FSCS) up to £85,000, the same protection as Barclays or HSBC. Previously, Revolut operated as an e-money institution, where funds were safeguarded but not FSCS-protected.
What is the difference between Revolut’s old e-money status and its new bank status?
As an e-money institution, Revolut was required to hold customer funds in segregated safeguarding accounts — meaning your money was ring-fenced but not covered by FSCS. As a licensed bank, Revolut can now hold customer deposits on its own balance sheet, offer loans, and provide FSCS protection. This brings it into the same regulatory category as traditional high-street banks and established challengers like Monzo and Starling.
Is Revolut trustworthy and is it safe to use?
Revolut is now FCA and PRA-regulated as a licensed bank, giving it the same regulatory framework as other UK banks. Historically, Revolut faced criticism over its AML controls and corporate governance. Since 2022, it has made significant improvements and its banking licence application was granted following rigorous PRA scrutiny. For everyday use, FSCS protection now means your deposits up to £85,000 are protected if Revolut fails.
Open Banking in Practice: Revolut was founded in London in 2015 and is not Russian-owned — it is a UK-incorporated company. Its largest shareholders are institutional investors including SoftBank and Tiger Global. Open banking connections to Revolut work through FCA-regulated AISP infrastructure, allowing third-party apps to access your Revolut account data with your consent. Read our full profile of Revolut on openfuture.world.
FAQ
Is Revolut Russian or British?
Revolut is a UK-incorporated company founded in London in 2015 by Nikolay Storonsky (Russian-British) and Vlad Yatsenko (Ukrainian); it is not Russian-owned.
What are the downsides of Revolut?
Revolut’s customer service has historically been criticised as slow; some features require a paid subscription, and its banking licence only covers certain account types.
Can I use Revolut as my main bank account in the UK?
Yes — with its UK banking licence, Revolut can now function as a full current account with FSCS protection, Direct Debit support, and a UK sort code and account number.