Revolut has secured a UK banking licence after a three-year wait, enabling it to compete directly with traditional British banks. This milestone allows Revolut, with over nine million UK customers, to start building its banking operations and preparing for a full market launch. During a 12-month mobilisation period, the company will enhance its systems and recruit staff, while facing deposit limitations. This progress is part of Revolut's strategy to eventually list on the stock market. Despite regulatory scrutiny, Revolut reported a record pre-tax profit for 2023, positioning itself as a significant player in the fintech sector.