Revolut has received approval from the UK's Prudential Regulation Authority (PRA) to launch its authorized bank, Revolut Bank UK Ltd, as of March 11. The fintech company will offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 to its 13 million UK users. Revolut plans to roll out current accounts in phases over the coming days, with existing users transitioning over the next few months. The company clarified that its cryptocurrency trading operations will continue to be managed by a separate entity and will not be covered by FSCS protection.