Do we like Revolut?
Digital bank and fintech app offering accounts, cards, trading and payments; based in London, UK.
Our score: 5 out of 10. Mixed. It's a popular, fast-growing product and it finally has a full UK banking licence. But regulators in Italy and Lithuania have fined it. We'd back it with caution.
Revolut was co-founded by Nik Storonsky, a former Lehman Brothers and Credit Suisse trader who left banking in 2013. It began as a travel-money card and grew into a full app for banking, trading and payments.
It applied for a UK banking licence in January 2021 and waited years. It got a restricted licence in 2024. GB News reported that it secured the full licence from the Prudential Regulation Authority in March 2026, after a four-year process.
The drama is mostly regulatory. In April 2026 Italy's competition authority fined it about €11.5m. The reasons were unclear costs on 'commission-free' investing, aggressive handling of account restrictions, and unclear IBAN information. Revolut says it disagrees and will appeal.
Earlier, the Bank of Lithuania fined it a record €3.5m for anti-money-laundering failings. Good product, but a fast-moving firm that regulators keep having to rein in. That's why we land in the middle.