Revolut, a fintech company that has won a banking licence in its home country of the UK after more than three years of application, said on Thursday that the London-based company had entered the "mobilisation phase" of the Prudential Regulation Authority (PRA), which aims to allow new banks to operate under restrictions. The approval means that Revolut is on the verge of becoming a full-fledged bank in the UK, while also being licensed to provide cryptocurrency services. Revolut has been allowing the buying and selling of cryptocurrencies for years, and earlier this year launched an independent cryptocurrency exchange for experienced traders. Earlier this week, the company announced plans to sell $500 million worth of employee stock in a deal that would raise its value to $45 billion.