Revolut has announced that it has secured a UK banking licence, concluding a regulatory process that spanned over three years and providing a significant boost to the fintech’s expansion plans in its home market.

The London-based company revealed on Thursday that it received the licence from the Prudential Regulation Authority (PRA), which had initially received Revolut’s application in early 2021. The application faced several issues, including a warning from auditors who were unable to fully verify revenue figures in the group’s 2021 accounts.

Although Revolut already holds a European banking licence from authorities in Lithuania, securing a UK licence has been crucial for its growth. This licence will enable the fintech to expand its product and service offerings in its largest market.

“We are incredibly proud to reach this important milestone in the journey of the company, and we will ensure we deliver on making Revolut the bank of choice for UK customers,” said CEO Nik Storonsky.

Revolut mentioned that it received the licence with restrictions, allowing it to build out its UK banking operations before fully launching them. The company, founded in 2015, has about 9 million customers in the UK and over 45 million globally.

Valued at $33 billion during a 2021 fundraising round, Revolut is currently in discussions to sell approximately $500 million worth of shares in a deal that would value the company at about $40 billion.

Typically, UK banking licences are awarded within 12 months of application, according to regulatory guidance. Revolut’s aggressive international expansion has made it significantly larger than other lenders recently granted UK licences by the PRA. The PRA did not immediately respond to requests for comment.

Francesca Carlesi, who joined Revolut at the end of last year as CEO of its UK entity that applied for the licence, stated, “Today’s announcement is a significant step forward for Revolut and for our customers.”