Revolut has announced that it has applied for a banking license to British supervisory institutions. Fintech already has a European banking license in Lithuania and provides services on this basis, including in Poland, but now it wants to enter new markets with a new offer.
Revolution turned To obtain a banking license for British institutions The Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). As fintech explains, the banking license obtained in this country will allow the creation of new products that are “more suited to customer needs,” including Consumer loansAn overdraft on the account and Bank accounts with guaranteed deposits.
research: Revolut adds a new Plus plan. It also provides protection against theft, damage and refusal to return merchandise
In addition to financial crime-fighting regulations, Revolut will offer, under the state-owned guarantee fund, the Financial Services Compensation Scheme (FSCS) along with a banking license. Deposit protection up to £85,000 for one person.
The UK banking license will allow us to provide the services customers expect from their primary bank account, such as credit, overdrafts and FSCS accounts.
— explains Nick Storunsky, CEO and co-founder of Revolut.
European Revolut Banking license in Lithuania in December 2018 It is currently developing banking services in Central and Eastern Europe. The company has launched an offering of consumer loans and credit cards in Lithuania and Poland, and plans to gradually make it available in other European markets in 2021. In Great Britain, fintech is operating On the basis of electronic money licensingBut not a banker. Banking license In Lithuania, it is not entitled to it after Brexit Revolution to conduct such banking activities, for example in Poland.
research: Revolut Bank already issues credit cards and grants loans of up to 20,000
research: Revolut Bank is available to all Poles. Credit Services in December
Text source: Revolut
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