Bank of Israel Grants Revolut Conditional Banking License

The Bank of Israel has issued a conditional license to the British fintech company Revolut to establish a bank in Israel, to be named Revolut Israel. Amir Yaron, Governor of the Bank of Israel, and the Supervisor of Banks, Supervisor of Banks, announced the decision, which also grants permission to controlling shareholder the Controlling shareholder of the group to oversee the bank. This marks the third new banking license issued in Israel since December 2019, following a 40-year period without new bank establishments. The license is part of a phased approach designed to ease market entry for smaller, new banks. The conditional license allows Revolut to finalize its regulatory, technological, and operational preparations before launch, with the Supervisor of Banks overseeing the process and ensuring all conditions are met for the license to become fully effective. Governor Yaron recalled visiting London in late 2022 to encourage Revolut's entry into the Israeli market, viewing the license issuance as the culmination of that effort. Supervisor the Supervisor of Banks stated that Revolut's arrival is expected to boost competition and broaden financial service options for both individuals and businesses. Revolut currently serves over 80 million customers globally and has more than 13,000 employees, offering services including payments, currency exchange, loans, and deposits. While it holds a payment services license from the Israel Securities Authority, it has not yet offered services to the public in Israel. Negotiations for the license began in June 2025, with the Bank of Israel confirming in May of this year that the company could proceed to the next stages. The Israeli company's name was recently changed to "Revolut Bank Israel (in formation)" by the Companies Registrar. Revolut has been expanding its Israeli team in areas such as credit, debt collection, banking operations, risk management, and compliance. The Israeli division is led by CEO Uri Natan, formerly of Bank Leumi's digital bank Pepper, with Shmuel Ben-Tsvi serving as Chairman of the Board. Natan expressed the company's intention to create genuine competition for local banks through digital financial services.