Revolut announced Thursday that it has received a banking license from UK financial regulators. 

The approval of a preliminary banking license from the UK's Prudential Regulation Authority (PRA) marks the culmination of a rigorous three-year application process for the fintech firm.

"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," Revolut CEO Nik Storonsky in a statement.

Approval comes with restrictions

Revolut said it had received the license from the PRA with restrictions, as it now enters a "mobilization" stage before obtaining a full licence. During this "mobilization" period, banks face a range of restrictions, such as a £50,000 limit ($64,000) on …