Revolut clinches UK banking license, ending three-year wait

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British fintech startup Revolut on Thursday that it had received a preliminary banking license with restrictions from the U.K.s Prudential Regulation Authority, bringing to an end a three-year wait. The London-headquartered firm now has time to build up its U.K. banking infrastructure and operations ahead of officially launching. A U.K. banking license will allow Revolut to take customer deposits and also issue products like loans and credit cards. One of the key issues around the delay to receiving a banking license was Revoluts share structure being inconsistent with the PRAs rules. Revolut has since resolved this, striking a deal to restructure its ownership with major Japanese tech investor SoftBank, CNBC previously reported.

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