Revolut Secures Full UK Banking License That Unlocks Lending

Revolut Ltd. has won a British banking license after more than a year of regulatory limbo, clearing a major hurdle for global expansion.

The fintech company is launching as a UK bank on Wednesday as it exits the so-called mobilization phase with regulators, it said in an emailed statement. Customers in the country will be moved to a new entity, Revolut Bank UK Ltd., over several months.