British financial technology company Revolut, technically an e-money institution, recently applied for a UK banking license from the FCA earlier this January, as well as with the Prudential Regulation Authority. The bank did not seek out to apply for a banking license initially but it sooner realized that it needed to do so in order to expand its operations.
Nik Storonsky, chief and founder of Revolut, claims that a UK license allows Revolut to offer “the essential financial products UK customers expect from their everyday primary bank accounts, such as loans, credit cards, overdrafts and deposit accounts…”
Storonsky added that they will keep a keen eye into the future and what it can bring, and that an FCA license is a crucial part of this endeavor:
“In the future, we want to offer many more innovative products to our UK customers, and we are excited to continue driving innovation and competition in the banking industry,”
With a license underarm, Revolut is looking to convince its UK user-base, as well as non-registered citizens, that receiving their salaries through Revolut will have its major benefits, including the £85,000 Financial Services Compensation Scheme.
Revolut is currently operating with a banking license from Lithuania, allowing it to service EU clients. Last year, the company applied for a US banking charter license, but the result of this is yet to be seen.