Linklaters has advised Revolut, the global fintech with over nine million UK customers and 45 million globally, on the successful application for its UK banking licence. Revolut yesterday received authorisation with restrictions from the Prudential Regulation Authority, the regulator responsible for overseeing the UK banking sector.

Revolut now enters the ‘mobilisation’ stage, sometimes referred to as ‘Authorisation with Restrictions’, a common step for many new banks in the UK. The restricted period will allow Revolut to complete the build out of its UK banking operations ahead of launching in the market.

Linklaters’ cross-practice team comprised of partners Edward Chan, Lisa Chang, Martyn Hopper and Elizabeth Dowd, alongside managing associates Bobby Butcher and Elli Karaindrou (both banking), Sophie Walden, Joseph Richmond (both financial regulation) and Poppy Burke-Moore (corporate), and associates Max Dyck (banking), Elliot Jack and Emily Domingo (both financial regulation).

Revolut Group General Counsel, Tom Hambrett, commented:

“As our bank operations enter this next phase in a core market for Revolut, we are very grateful to the team at Linklaters for their outstanding advice and support throughout the process. This marks a major milestone for our customers in the UK and we will continue to work relentlessly to offer the best products and services to improve the financial lives of everyone who uses Revolut.”

Linklaters partner, Edward Chan, commented:

“We are delighted to see Revolut achieve their UK bank licence. We are very proud of the deep relationship we have built with the Revolut team over many years and are grateful for their trust on this important mandate.”

Linklaters’ market-leading practitioners take a unique, coordinated, cross-practice and cross-jurisdictional approach to support clients with their most complex fintech projects across the full fintech spectrum and all aspects of transactional and regulatory advice. The firm’s work with financial institutions, challenger banks, infrastructure providers and technology companies alike, gives it a deep understanding of the key issues that matter to clients, whether incumbents or disruptors.