Revolut, the London-based crypto-friendly fintech, said it received a full U.K. banking license, allowing it to offer a wider range of services and providing deposit protection for eligible funds almost two years after receiving a restricted registration.

The company, valued at about $75 billion in a funding round in November, set up a new entity called Revolut Bank UK Ltd. and will migrate customer accounts in coming months, according to a statement on its website.

The development completes a regulatory process that began years earlier. In 2024, Revolut secured a restricted U.K. license and entered a mobilization stage designed for new banks. Approval comes shortly after Revolut filed for a U.S. banking license.

The bank is supervised by…