Update: in February 2024, we received approval from the UK’s financial services regulators, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), to lift restrictions, exit mobilisation and launch as a fully operational UK bank.

Authorisation with restrictions is also called “mobilisation”. Mobilisation is a voluntary period and most new banks opt-in. It’s essentially a runway to full launch, giving us time to test and polish our products, build some key integrations that weren’t possible pre-authorisation, and further develop our systems and controls.