Revolut UK Licence Deemed Non‑Disruptive

Revolut obtained a full UK banking licence in March 2026, enabling FSCS‑protected deposit accounts under PRA approval.
Despite 13 million UK users and £986 bn transaction volume (up 67% YoY), Citi analysts say the licence won’t displace incumbent banks.
Revolut’s 2025 profit before tax rose 57% to £1.7 bn, with a 60% cost‑income ratio and UK contributing 85% of profit.
Citi maintains Buy ratings on NatWest and Lloyds, Neutral on Barclays, citing continued dominance of traditional lenders among younger customers.