The fintech said on Thursday that it had now entered the "mobilization stage."

Revolut states that during this restricted period, nothing will change for UK consumers. This is done to give new banks like Revolut time to finish building out their UK banking operations before entering the market. "UK customers can carry on using their Revolut e-money account as usual until then."

This stage allows new banks to "secure further investment, recruit staff, invest in IT systems and commit to third-party suppliers," per the PRA website.

Revolut will only be able to store up to £50,000 in total client deposits during this time.

The PRA website further explains, "Mobilization could take as little as a few months but cannot continue indefinitely and should take no longer than 12 months."

Since 2021, when it first submitted an application to the regulator, Revolut has been pursuing a banking licence in the United Kingdom.

The business reported record net earnings of $428 million for 2023 earlier this month. Additionally, the fintech said in April that it planned to add 40% more employees globally by the end of the year, bringing the total to about 11,500.

Revolut's UK CEO, Francesca Carlesi, commented on the most recent events, calling the inclusion of a UK banking license with limits “a significant step forward for Revolut and for our customers”.