Revolut, Britain’s most valuable fintech, has been awarded a trading license from the country’s financial regulator that will allow its users to begin trading U.K. and EU-listed stocks in 2025.
The London-based company said Monday it had been authorized by the Financial Conduct Authority to operate as an investment firm, which allows it to expand its services and products.
Revolut has been operating through a partnership that allowed the fintech’s more than 650,000 trading customers in the U.K. to buy and sell U.S.-listed shares since 2019.
“Today’s announcement is a significant milestone for Revolut Trading,” Yana Shkrebenkova, the fintech’s head of wealth and trading U.K., said in a statement. “Having launched our successful investment product five years ago, we strive to bring best in class investment products to our customers in the U.K.”
Revolut achieved another significant milestone in July, when it was granted a U.K. banking license with some restrictions, ending a three-year wait for authorization from the Prudential Regulation Authority (PRA). The license allows the nine-year-old fintech to compete more directly against Britain’s biggest banks.
In August, Revolut was valued at $45 billion in a secondary share sale with new and existing shareholders. U.S.-based investors Coatue, D1 Capital Partners and Tiger Global led the funding.
The fintech’s surging valuation has turned it cofounders into billionaires. Forbes’ Real-Time Billionaires list credits Nik Storonsky with a fortune estimated at $7.9 billion, while Vlad Yatsenko’s net worth is shown as $1.2 billion.
Revolut say it currently has 10 million customers in the U.K. and more than 45 million globally.
Although it has plans for an initial public offering, the company hasn’t revealed when and where the listing is most likely to take place. The U.K.’s Labour government has been trying to convince the fintech to list in London rather than New York.
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