Revolut Israel has a conditional banking licence. The Bank of Israel said on 10 November 2026 that it had granted a conditional licence and control permits for Revolut Bank Israel, the local bank the London fintech plans to open, Globes reported. Fintechbits checked the Bank of Israel’s 25 December 2022 release for Esh, the last new bank to receive the same conditional licence, which said setting up the bank “should take about a year and a half”; close to four years later Esh still opens accounts by invitation only, according to Globes. The licence does not let Revolut serve Israeli customers yet, and no launch date, product list or fee schedule has been given.

What the Revolut Israel licence allows

A conditional licence in Israel is a permission to build, not to trade. Revolut Bank Israel must finish its regulatory, technological and operational preparations and meet milestones set by the Banking Supervision Department before the restrictions on the licence are lifted. Only then can it take deposits and open accounts for the public.

The control permits went to representatives of Nik Storonsky, Revolut’s controlling shareholder, after consultation with the licensing committee. The Israeli bank will be chaired by Dr. Shmuel Ben Zvi, a former chairman of Bank Leumi, and run by Uri Nathan, who previously led Pepper, Leumi’s digital banking platform. Nathan said the aim is “to create genuine competition in the Israeli banking market”.

Revolut Israel will not start from zero. The Israel Securities Authority granted Revolut a payment services licence in July 2025, and the Bank of Israel issued it an identification code to join the domestic payment system, but the company has not offered services to the Israeli public under either.

Fintechbits analysis

Why Israel wants another bank

Israel’s banking market is dominated by five large groups, and the Bank of Israel has spent several years lowering the barriers for newcomers. Revolut is only the third new bank to be licensed since December 2019, after 40 years in which no new bank was established. The first was One Zero, controlled by Amnon Shashua, licensed in 2019. The second was Esh, licensed in December 2022.

Governor Amir Yaron said he met Revolut’s leadership in London in 2022 to encourage an Israeli entry, and called the licence “a vote of confidence in the Israeli economy, the banking system, and its regulatory oversight”. Supervisor of Banks Daniel Hahiashvili described it as a chance to widen the range of products available to households and businesses.

Why the Revolut Israel licence is a slow-burn story

The Revolut Israel licence matters, but the timetable is the real story. Israel’s two earlier entrants show how hard the market is. One Zero is operating but lost NIS 214 million in 2025 and a further NIS 84 million in the first half of 2026, and Globes reports that Shashua is looking for a buyer for his stake. Esh has spent close to four years in an invitation-only phase, and a deal for Isracard to buy it collapsed in July 2026.

Revolut Israel arrives with advantages neither had. It has more than 80 million retail customers worldwide, a share sale in November 2026 that valued it at $115 billion, and a product set that already runs in dozens of markets. Fintechbits looked at what that valuation implies in its analysis of the $115 billion share sale. Globes expects the pressure to land first on digital services and foreign exchange, where Revolut’s app already competes in other markets.

The licensing pattern elsewhere suggests patience. Revolut spent about 20 months in mobilisation in the UK before it won full approval in March 2026, a path Fintechbits traced in its profile of founder Nik Storonsky. If Israel takes as long as the regulator’s own estimate for Esh, the first Israeli Revolut Bank accounts would open around 2028. The licence is a credible threat to the big five’s FX and everyday banking margins, but not a near-term one.

Frequently asked questions

Can Israelis open a Revolut Israel bank account now?

No. The Bank of Israel granted a conditional licence, so Revolut Bank Israel cannot serve customers until it meets the regulator’s milestones and the restrictions are lifted. No launch date has been announced.

Who runs Revolut Bank Israel?

Uri Nathan, formerly head of Leumi’s Pepper digital bank, is chief executive, and Dr. Shmuel Ben Zvi, a former Bank Leumi chairman, is chairman.

How many new banks has Israel licensed recently?

Three since December 2019: One Zero, Esh and now Revolut. Before One Zero, no new bank had been established in Israel for 40 years.

What to Watch Next

Watch for the Banking Supervision Department lifting the restrictions on the licence, which is the point at which Revolut Bank Israel can open accounts, and for the first Revolut Israel product and pricing. A launch that leads on foreign exchange and multi-currency accounts would put direct pressure on the incumbents’ card and FX income.