# Revolut Secures Conditional License to Establish a Bank in Israel

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/54390
Published: 2026-11-11T19:57:24.000Z
Updated: 2026-11-11T19:57:24.000Z
Section: Regulation

> Revolut must complete regulatory, technology and operational work before the license can be activated. A regulator's estimate of about a year is not a confirmed customer launch date.

Revolut has received a conditional license from the Bank of Israel to establish a local bank, advancing its planned entry into Israel while leaving customer service dependent on further regulatory and operational work.

On Nov. 10, the Bank of Israel said it had completed its review and granted Revolut a conditional license to establish Revolut Bank Israel (in formation). The control permit went to representatives of Revolut controlling shareholder Nikolay Storonsky after the Licensing Committee reviewed the matter.

The company cannot activate the license until it completes regulatory, technology and operational preparations and meets supervisory milestones. The approval advances the bank's formation but does not mark the start of customer service; the central bank set no opening date or rollout schedule.

Bank of Israel Governor Amir Yaron said he met Revolut leaders in London in late 2022 to encourage the company to enter Israel's banking market. He described the license as an initial step and said Revolut would work with the central bank's guidance to complete the process.

Supervisor of Banks Daniel Hahiashvili said about a year was a reasonable estimate for completing the requirements for an unrestricted license. That estimate concerns the time needed to meet regulatory conditions, not a confirmed date for customers to open accounts or access products.

The Bank of Israel described the approval as its third license for a new bank since December 2019. It said no new bank had opened in Israel in roughly 40 years before that period. Regulatory and operational requirements remain outstanding for Revolut's proposed bank.

The central bank named Uri Nathan as chief executive of the proposed bank and Shmuel (Muli) Ben Zvi as its chairman. The appointments identify the proposed bank's leadership as it moves through the remaining authorization process.

Revolut Ltd. received Bank of Israel identification code 78 on Aug. 20, 2024, before the conditional banking approval. The code lets a fintech participating in a controlled payment system assign payment-account numbers. It was issued through a separate payment-system process and did not authorize the proposed bank to begin operating.