Revolut in the UK: A Digital Banking Powerhouse (No Loans Yet)
Revolut Ltd, a private limited company incorporated on December 6, 2013, with registration number 08804411, has rapidly established itself as a significant player in the United Kingdom's financial technology landscape. Launched on July 1, 2015, by co-founders Nikolay Storonsky and Vlad Yatsenko, Revolut operates from its registered address at 30 South Colonnade, London, E14 5HX. The company remains privately held, backed by major investors such as Index Ventures, DST Global, and TCV, with a valuation nearing $75 billion implied by a secondary share sale in mid-2025.
Revolut's business model is centered on its "financial super-app" concept, generating revenue through various streams including subscription tiers, interchange fees from card transactions, foreign exchange spreads, and a growing suite of ancillary services. Its primary target market comprises digitally astute individuals and small businesses in the UK who seek multi-currency accounts, competitive foreign exchange rates, and a range of integrated financial management tools.
It is crucial for any potential user in the United Kingdom to understand Revolut's current offering regarding credit. As of September 2025, Revolut does not offer any consumer loan or credit card products in the UK. This is due to the pending status of its consumer credit licence application with the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). While Revolut holds an e-money institution licence from the FCA and a restricted UK banking licence from the PRA (granted in July 2024 for a mobilisation phase with a £50,000 deposit cap), the absence of a full consumer credit licence means lending services are not yet permissible within the UK market. Prospective borrowers should be aware of this distinction and rely on other regulated providers for their credit needs until Revolut officially launches these products.
Navigating Revolut's Digital Ecosystem: Services and Pricing
While consumer lending is not currently available, Revolut provides an extensive array of other financial services designed for modern digital banking. These include a free UK current account complete with a UK International Bank Account Number (IBAN), facilitating seamless local transactions. Users can also manage multi-currency e-money accounts in over twenty-nine different currencies, offering considerable flexibility for international payments and travel.
A significant draw of Revolut is its competitive foreign exchange rates, often at interbank rates up to certain plan limits. Users receive a debit card (Mastercard or Visa) which allows for ATM withdrawals, subject to specific allowances depending on the chosen subscription plan. The mobile application itself is a central hub for managing finances, offering real-time spending notifications, budgeting tools, and "vaults" or savings pots to help users save towards specific goals. Beyond basic banking, the app integrates features such as cryptocurrency and stock trading, along with insurance add-ons, showcasing its ambition as a comprehensive financial super-app.
Subscription Tiers and Associated Fees:
- Standard (Free): This base plan includes a free UK current account and basic banking features.
- Plus (£2.99/month): Offers enhanced benefits over the Standard plan.
- Premium (£7.99/month): Provides additional features, higher fee-free limits, and travel benefits.
- Metal (£13.99/month): Includes a distinctive metal card, even higher limits, and exclusive perks.
- Ultra (£24.99/month): The top-tier plan offering the most extensive benefits and highest limits.
Regarding specific fees, users should note the following:
- ATM Withdrawals: Fee-free withdrawals are capped per month: £200 for Standard, £400 for Premium, £800 for Metal, and £2,000 for Ultra. A 2% fee applies thereafter.
- Foreign Exchange Markup: A 0.5% markup is applied to foreign exchange transactions on weekends or when exceeding fair usage limits in certain plans.
- Card Replacement: A fee of £4.99 is typically charged for replacing a debit card.
It is always advisable for users to thoroughly review the specific terms and conditions for their chosen plan to understand all potential charges and limits.
Applying for a Revolut Account and Its Regulatory Framework
The application process for a Revolut account in the UK is entirely digital, conducted seamlessly through its mobile application (available on iOS and Android) or via its website. There are no physical branches, aligning with its digital-first strategy. Onboarding is designed for speed and convenience, typically taking under ten minutes for approval.
Key Know Your Customer (KYC) and onboarding requirements include digital identity verification, which involves uploading a government-issued identification document and taking a selfie. Revolut employs automated document checks and live liveness detection to ensure compliance and security. While Revolut's proprietary algorithm blends open-banking transaction data, credit bureau data, and behavioural analytics for eligibility, it currently performs only soft credit checks in the UK for account opening, which do not impact a user's credit score. Hard credit checks would only be conducted upon the launch of loan products.
Regulatory Status and Consumer Protection:
Revolut's operations in the UK are governed by a robust regulatory framework. It has held an e-money institution licence from the Financial Conduct Authority (FCA) since 2015, which means customer funds are safeguarded in segregated accounts, protecting them in the event of Revolut's insolvency. However, it is important to note that these funds are not protected by the Financial Services Compensation Scheme (FSCS) until Revolut achieves full bank authorisation in the UK. The company secured a restricted UK banking licence from the Prudential Regulation Authority (PRA) in July 2024, currently in a mobilisation phase that caps total deposits at £50,000.
The critical missing piece for lending in the UK is the consumer credit licence application, which remains pending. This is why no loan products are currently offered. Revolut has faced scrutiny, with some complaints to the Financial Ombudsman Service (FOS) in 2024–25 primarily concerning fraud and dispute resolution, and it remains under heightened PRA scrutiny. For customer support, Revolut offers 24/7 in-app chat support, with a dedicated helpline available for Premium plan users, aiming to provide assistance whenever needed.
Revolut's Market Position and User Experience in the UK
Revolut has captured an estimated 15% of the UK digital banking market by customer count, boasting 11 million users in the UK as of mid-2025. Its user base typically skews towards individuals aged 25–45, residing in urban areas, who are tech-savvy and often frequent travellers. This demographic aligns well with Revolut's emphasis on multi-currency functionality and integrated digital services.
The company differentiates itself from competitors such as Monzo, Starling, Wise, and even traditional high-street banks through its superior multi-currency foreign exchange capabilities, integrated trading platforms (for crypto and stocks), and its tiered subscription model offering bundled features. Revolut has also been aggressive in expanding into adjacent services like crypto staking and insurance, continuously broadening its ecosystem.
Customer Feedback and App Performance:
User reviews of the Revolut app generally highlight its intuitive user experience (UX), cost-competitive foreign exchange rates, and the rapid customer acquisition process. The app enjoys strong ratings in UK app stores, with approximately 4.3 stars on iOS and 4.1 stars on Android, indicating a largely positive user reception.
However, common issues reported by some users include occasional account freezes due to Know Your Customer (KYC) friction, delays in dispute resolution, and concerns regarding fraud vulnerability. Instances of app downtime during peak hours have also been reported. While these issues exist, Revolut continuously works on improving its processes and customer support to address these challenges.
Looking ahead, Revolut plans to complete its full UK bank authorisation by the end of 2025. Once this is achieved, it intends to launch consumer loans and credit cards immediately thereafter, significantly expanding its financial offerings in the UK. The company also continues to forge strategic partnerships with entities like Mastercard, Visa, and Open Banking platforms, and is exploring joint ventures in areas such as telco bundles and Buy Now, Pay Later (BNPL) services.
Practical Advice for Potential Borrowers
Given Revolut's current status in the United Kingdom, where it does not yet offer consumer loan or credit card products, potential borrowers must exercise caution and not expect to obtain credit from them at this time. It is vital to reiterate that any search for lending products from Revolut in the UK will currently be unfruitful.
However, for those interested in Revolut's future lending capabilities, here is some practical advice:
- Stay Informed: Keep an eye on official announcements from Revolut regarding the successful acquisition of its consumer credit licence and the subsequent launch of loan products in the UK. This information will likely be disseminated through their official website, app, and financial news outlets.
- Understand the Future Offerings: Once loans are launched, meticulously review the specific loan products, interest rates, fees, and terms Revolut will offer. Compare these against other regulated lenders in the UK to ensure you are securing the most favourable terms for your financial situation.
- Credit Score Awareness: Be prepared for hard credit checks when applying for any future Revolut loan. Ensure your credit history is in good standing to improve your chances of approval and potentially secure better rates. Utilise services that allow you to check your credit score regularly.
- Read the Fine Print: As with any financial product, thoroughly read and understand all terms and conditions before committing. Pay close attention to early repayment fees, late payment charges, and any other associated costs.
- Consider Existing Services: Even without lending, Revolut's existing financial management tools, budgeting features, and multi-currency accounts can be valuable for managing your finances effectively. Familiarity with their app and services now could make the transition smoother should you choose to apply for a loan in the future.
- Regulatory Assurance: Always verify a lender's regulatory status on the Financial Conduct Authority (FCA) register. This ensures that any entity offering credit is properly authorised and regulated in the UK, providing a layer of consumer protection.
While Revolut represents a compelling choice for digital banking in the UK, its journey into consumer lending is still awaiting regulatory clearance. Prudent financial planning dictates that individuals requiring credit should look to currently licensed providers and monitor Revolut's progress for future opportunities.
