Revolut first applied for this licence in January 2021, facing a prolonged approval process due to regulatory concerns about its accounts. However, with steadfast support from politicians and a clean audit opinion in its latest financial report, Revolut has overcome these hurdles. Former Chancellor Jeremy Hunt praised the company, calling it a “shining example” of the UK’s fintech prowess.

CEO Nik Storonsky expressed his enthusiasm about the achievement, describing it as an “important milestone” in Revolut’s journey to becoming the bank of choice for UK customers. The company’s next step involves completing a “mobilisation stage,” which involves rigorous system testing before a full launch. This stage can take up to 12 months, but it might be completed in just a few months according to the Bank of England

Revolut’s acquisition of the UK banking licence positions it among other successful neobanks like Monzo, Starling, and Atom, which have held their licences for several years. This new status not only allows Revolut to expand its product offerings but also enhances its legitimacy and competitive edge in the financial market​

The announcement comes on the heels of Revolut’s record-breaking profits for 2023, with a pre-tax profit of $545 million. This financial success has bolstered confidence in Revolut’s ability to meet regulatory standards and deliver robust banking services​.

In addition to securing the licence, Revolut plans to significantly expand its workforce in London, aiming to hire around 1,700 new employees over the next year. This expansion aligns with the company’s growth strategy and its aim to solidify its footprint in the UK banking sector​.

With its new banking licence, Revolut is set to accelerate its integration into mainstream finance, reshaping the landscape of traditional banking and offering more choices to consumers. The company’s valuation, which is expected to rise to $45 billion, underscores its growing influence and potential to disrupt established financial institutions​.

Question: My Revolut asked me for a photo of government-issued identification, so I uploaded a snapshot of my driver’s license. Now it’s asking me for my PPS number. Most of my friends have Revolut too, and only some of them are being asked for this. Is this a scam? Or what’s going on?

If you receive this request when you open the Revolut app on your phone, it’s not a scam. However, if you receive this request via text or email, it could be a scam. The safest approach is to independently open the Revolut app and check if you are prompted for this information. Avoid opening the app through a link provided in a text or email; instead, open it directly from your phone.

So, why is Revolut asking for your PPS number? According to Revolut, it’s part of international financial regulatory rules.

This can be confusing because some banks in Ireland request PPS numbers while others do not. Naturally, this raises questions about why certain banks need such sensitive information, like a PPS number, while others do not.

Here’s what Revolut stated when asked about this: “Certain Irish customers will have received a push notification and/or email from Revolut recently to provide their PPS number.

“As a European-regulated bank, Revolut is legally required to determine where its customers are tax resident.

“This is for reporting purposes under international tax rules, namely the Common Reporting Standard (CRS) and is solely for the purposes of identifying customers’ tax residency. In Ireland, this information can be derived from customers’ PPS numbers, which are used by Revenue to identify Ireland’s taxpayers.”

It appears that not all Revolut customers will receive this request. This PPS number requirement applies primarily to Revolut customers who joined the service before March 2023, when Revolut established an Irish branch.

From that date onward, anyone in Ireland who sets up a Revolut account might not be required to provide a PPS number, as the account is technically with the Irish branch, eliminating the need for the bank to verify your tax residency status.

In summary, if you receive a PPS number request through the Revolut app, it is legitimate and part of compliance with international tax regulations. Always verify any requests received via text or email by checking directly through the official app.

The RevPoints system is designed to reward users for a variety of actions. Customers can accumulate points by making purchases, referring friends to the service, and participating in special promotions. These points can then be redeemed for various rewards, such as discounts, special offers, and exclusive experiences.

Joe Heneghan, Revolut’s CEO for Europe, highlighted the program’s benefits: “RevPoints is all about giving back to our customers. We want to make every transaction more rewarding and to show our appreciation for their loyalty. This new scheme will provide more reasons for users to choose Revolut for their everyday financial needs.”

One of the key features of RevPoints is its integration with the existing Revolut app, ensuring a seamless user experience. Users can easily track their points and discover available rewards directly within the app. This integration is expected to boost user engagement and satisfaction, as it adds a layer of gamification to the financial services offered by Revolut.

The introduction of RevPoints in Ireland is a strategic move by Revolut to deepen its market presence and compete with traditional banks and other fintech companies. By offering a loyalty program, Revolut aims to differentiate itself and build a stronger relationship with its customers.

Early feedback from users has been positive, with many appreciating the opportunity to earn rewards for their regular spending. The program is expected to attract more users to the platform and increase the frequency of transactions.

Revolut has been rapidly expanding its services and user base in recent years. The company is known for its innovative approach to banking, providing a range of services from currency exchange and budgeting tools to cryptocurrency trading. The addition of RevPoints adds another dimension to Revolut’s offerings, making it a more attractive option for consumers looking for comprehensive and rewarding financial services.

In summary, the launch of RevPoints in Ireland marks a significant step for Revolut in enhancing customer loyalty and engagement. By rewarding users for their activities, Revolut aims to foster a more loyal and active user base, ultimately driving growth and innovation in the financial technology sector.