TechFlow to TechFlow, on March 11, The Block reported that Revolut has received approval from the UK Prudential Regulation Authority (PRA) to officially launch its Revolut Bank UK, which will provide approximately 13 million users in the UK with deposit accounts protected under the Financial Services Compensation Scheme (FSCS) (with a maximum protection of £85,000 per person).
The company will migrate users to the new banking platform in phases, while the crypto trading service will continue to operate through an independent entity and will not be protected by the FSCS. Revolut also announced a £3 billion investment in the UK and the creation of 1,000 high-skilled jobs, with plans to expand to 30 new markets globally by 2030.
