Updated: November 12, 2026
The Bank of Israel (בנק ישראל) granted Revolut a conditional banking license on November 10, 2026, clearing the way for Revolut Bank Israel (בנק רבולוט ישראל), the third new bank licensed in Israel since December 2019. The license went to representatives of founder and controlling shareholder Nik Storonsky. The bank cannot serve the public yet. It must meet regulatory, technology and operational milestones first, and no launch date has been announced.
Table of contents
- What did the Bank of Israel approve on November 10, 2026?
- Who leads Revolut Bank Israel?
- How did Revolut get from a payment code to a bank license?
- Why does the Bank of Israel want more banks?
- What are the open questions for Revolut Bank Israel?
- What could change for Israeli customers?
- Frequently asked questions
- Sources
What did the Bank of Israel approve on November 10, 2026?
On Tuesday, November 10, 2026, the Bank of Israel announced that it had issued a conditional license to establish a bank, together with a permit to control it. The decision followed a review by the Banking Supervision Department and consultation with the Licensing Committee. Governor Amir Yaron and Supervisor of Banks Daniel Hahiashvili informed Nik Storonsky of the outcome. Until the restrictions on the license are lifted, the entity operates under the name Revolut Bank Israel (In Formation).
A conditional license (רישיון בנקאי מותנה) is not an operating license. According to Globes, the new bank has not yet been authorized to offer banking services to the public. The group must first complete its regulatory, technological and operational preparations and meet specific milestones set by the Banking Supervision Department. Those milestones are the conditions for activating the license and removing its restrictions.
No information has been released on the launch date, the specific products or the fees customers would pay. That matters for readers following the story: today's news is a regulatory approval to keep building, not the opening of a bank.
Who leads Revolut Bank Israel?
Revolut is a UK-founded fintech, established in 2015, that serves more than 80 million customers worldwide. Globes reported that an early November 2026 share sale valued the company at $115 billion, up from $75 billion in November 2025. The group offers payments, currency exchange, credit and deposit products. Nik Storonsky is its controlling shareholder and the person to whom the Israeli license and control permit were addressed.
The Israeli bank has its own leadership. Uri Nathan, formerly CEO of Pepper, Bank Leumi's digital banking platform, is CEO of Revolut Bank Israel. Dr. Shmuel Ben Zvi was appointed chairman. Both attended the signing of the agreement to found the bank, alongside Governor Yaron, Supervisor Hahiashvili and Storonsky.
Nathan said the objective is to create genuine competition in the Israeli banking market through a world-class digital financial services environment. The stated goal is a local bank (בנק דיגיטלי), not only a foreign app serving Israelis.
How did Revolut get from a payment code to a bank license?
Revolut's Israeli path has taken several years and several approvals. The table below lists the steps reported by Globes, the Bank of Israel announcement coverage and other outlets.
| Date | Milestone | What it meant |
|---|---|---|
| 2022 | Governor Amir Yaron meets Revolut leaders in London | Yaron says he encouraged the then-smaller company to consider the Israeli market |
| 2023 | Bank of Israel issues an identification code | Enabled Revolut to join Israel's payment system |
| July 2025 | Israel Securities Authority grants a payment services license | Granted alongside Rapyd, Airwallex and Mesh Payments |
| March 2026 | Revolut wins full UK bank approval | Came after about 20 months of preparation, per Globes |
| Early November 2026 | Share sale values Revolut at $115 billion | Up from $75 billion a year earlier |
| November 10, 2026 | Conditional bank license and control permit | Revolut Bank Israel (In Formation) can continue preparations |
The pattern is steady, staged regulatory progress. Each approval widened what Revolut could do in Israel, but none allowed it to take deposits as a licensed Israeli bank. Calcalist had reported for more than a year that Revolut was pursuing a so-called lean bank license, and the Bank of Israel's decision is the outcome of that process.
Why does the Bank of Israel want more banks?
Israel's banking system is dominated by five major banking groups, as Globes noted. The Bank of Israel has said that introducing additional players is the main route to more competition. Revolut is the third new bank license issued since December 2019, and it follows roughly 40 years in which no new bank was established in the country.
Governor Yaron described the decision as bringing things full circle, since he met Revolut's leaders in London in 2022. He also called Revolut's entry a vote of confidence in the Israeli economy, the banking system and its regulatory oversight, and noted that other players are already in the licensing process. Supervisor Hahiashvili said he sees the move as a chance to widen the range of financial products available to the public and to businesses.
| New bank | License | Status reported by Globes |
|---|---|---|
| One Zero | 2019 | Operating. Controlled by Amnon Shashua. Lost NIS 214 million in 2025 and NIS 84 million in the first half of 2026 |
| Esh Bank | December 2022 | Opening accounts by invitation only. A planned acquisition by Isracard collapsed |
| Revolut Bank Israel | Conditional, November 2026 | Not yet serving the public. No launch date released |
For background on the first of these, see Olam's profile of One Zero, Israel's first digital bank.
What are the open questions for Revolut Bank Israel?
The license is a milestone, and the track record of the other new banks shows how hard the next stage can be. Globes pointed to One Zero's losses and to reports that Shashua is exploring a sale of his controlling stake after years of heavy investment. Esh remains invitation-only, and its planned sale to Isracard fell through.
Several questions remain open:
- Timing. No launch date has been released, and the milestones set by the Banking Supervision Department have not been published in detail.
- Product scope. It is not yet known which services the bank will offer first or how fees will compare with the incumbents.
- Regulatory duration. In the UK, Revolut spent 20 months in preparation before receiving full bank approval in March 2026. A similar process in Israel would take time.
- Local economics. Globes framed the ultimate test as whether Revolut can turn its international operation into a competitive local offering.
Readers should treat any forecast of market share as speculation until the bank publishes its products and prices.
What could change for Israeli customers?
If Revolut Bank Israel launches, Globes suggested it could widen the range of financial services available to the public and raise competitive pressure on existing banks, particularly in digital services and foreign exchange. Those are the areas where Revolut is strongest globally.
For now, the practical position is unchanged. Revolut has not begun offering services to the Israeli public, according to Globes, even though thousands of Israelis who live or have lived abroad may hold Revolut accounts issued elsewhere, as Calcalist reported. The new Israeli entity is a separate regulated bank in formation. This article is general news coverage, not financial advice.
Frequently asked questions
Did the Bank of Israel give Revolut a full banking license?
No. The Bank of Israel issued a conditional license and a control permit on November 10, 2026. The bank must meet milestones set by the Banking Supervision Department before the restrictions are lifted and it can serve customers.
Who owns Revolut Bank Israel?
The license and control permit were issued to representatives of Nik Storonsky, the controlling shareholder of the Revolut Group. The Israeli bank is led by CEO Uri Nathan and chairman Dr. Shmuel Ben Zvi.
When will Revolut Bank Israel launch?
No launch date has been announced. Globes reported that neither the date nor the product list nor the fee structure has been disclosed.
How many new banks has the Bank of Israel licensed recently?
Revolut is the third new bank licensed since December 2019, after One Zero and Esh. Before that, no new bank had been established in Israel for about 40 years.
Can people in Israel use Revolut today?
Revolut has not begun offering services to the Israeli public, according to Globes. It holds an identification code for the payment system from 2023 and a payment services license from July 2025.
Is Revolut Israeli or British?
Revolut was founded in the UK in 2015. Revolut Bank Israel is a new Israeli-licensed bank in formation, with an Israeli management team, controlled by the Revolut Group's controlling shareholder.
Sources
Reporting for this article draws on Globes (November 10, 2026), The Times of Israel, The Jerusalem Post, The Paypers, LeapRate and Calcalist. Figures are as reported on the dates cited and may change as Revolut Bank Israel progresses.
How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
