Revolut applies for a full UK banking license
Revolut has announced that it has applied for a banking license from UK supervisory institutions. Fintech already has a European banking license in Lithuania and provides services on this basis, including in Poland, but now wants to enter new markets with a new offering.
The revolution has turned To obtain a banking license for UK institutions The Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). As the fintech explains, the banking license obtained in this country will allow the creation of new products “more adapted to the needs of the customers”, in particular Consumer loansAn overdraft on the account and Bank accounts with guaranteed deposits.
research: Revolut adds a new Plus plan. It also offers protection against theft, damage and refused return merchandise.
In addition to regulations in the fight against financial crime, Revolut will offer, as part of the public guarantee fund, the Financial Services Compensation Scheme (FSCS) as well as a banking license. Deposit protection up to £ 85,000 for one person.
The UK banking license will allow us to provide the services that customers expect from their primary bank account, such as credits, overdrafts and FSCS accounts.
– explains Nick Storunsky, CEO and co-founder of Revolut.
European revolution Bachelor of Banking in Lithuania in December 2018 It is currently developing banking services in Central and Eastern Europe. The company has launched a consumer loan and credit card offering in Lithuania and Poland, and plans to gradually make it available in other European markets in 2021. In Britain, fintech operates Based on e-money licensesBut not a banker. Banking license In Lithuania, there is no right after Brexit Revolution to conduct such banking activities, for example in Poland.
research: Revolut Bank already issues credit cards and grants loans up to 20,000
research: Revolut Bank is accessible to all Poles. Credit services in December
Text source: Revolution
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