Revolut teases crypto card after FCA clears trading, wealth

On May 18 Revolut’s official account posted a casual line — “Might have dropped our first ever physical crypto card, idk.” — linking to a product the company has offered since 2024. The card draws on a user’s crypto balance and converts holdings to fiat at the point of sale at real-time rates. Revolut holds the crypto assets in custody and those balances are not covered by UK deposit-insurance schemes.

The Financial Conduct Authority granted Revolut Trading a Variation of Permissions on May 14 covering leveraged investment products, discretionary portfolio management and advisory services. Victoria Laffey, head of operations at Revolut Trading, described the clearance as bringing investment, advisory and portfolio-management services into a single app.

Revolut is planning a UK private bank scheduled to open this summer with a £500,000 minimum deposit requirement aimed at mass-affluent clients. The firm has partnered with Mastercard on a U.S. card rollout. Regulators in Cyprus issued an authorization that the company says is valid across the European Union, and Revolut’s crypto services have been integrated into partner wallets including one that added Revolut Pay for instant token purchases.

An internal message attributed to CEO Nik Storonsky identified business banking as the company’s top internal priority and reportedly offered employees £1,000 for each new corporate client referral. Revolut Business serves about 767,000 customers, up 33% year on year, and accounts for roughly 16% of group revenue. The company plans to include business banking alongside its retail app in every new market from 2027.

Revolut reported about 70 million users on its platform. The firm has said it will not pursue a public offering before 2028 and has set an IPO valuation target between $150 billion and $200 billion. The new FCA permissions allow Revolut to offer leveraged trading and discretionary wealth management under UK rules, while its custody model means client crypto balances remain held by the company rather than covered by deposit schemes.