Financial technology company Revolut has announced the launch of its banking services in the United Kingdom after receiving approval from the Prudential Regulation Authority (PRA).

The new entity, Revolut Bank UK, will offer deposit accounts for both individuals and businesses, with eligible deposits protected up to 120,000 British pounds (approximately $160,958) under the Financial Services Compensation Scheme (FSCS).

Existing customers of Revolut in the UK will see a gradual transition to these new accounts, a process expected to unfold over several months.

Source: cointelegraph.com