13 December 2017
visit www.aciworldwide.com

Revolut applies for European banking licence

08 November 2017  |  6174 views  |  0 European flags

London-based Revolut has applied for a European banking licence as it prepares to start offering deposit and credit services.

App-based Revolut launched in 2015, initially focusing on prepaid current accounts before opening up to companies this year. The firm claims 900,000 users across Europe and has bagged $90 million from investors including Index Ventures and Ribbit Capital.

As it bids for its European banking licence, the firm has been building up its relationship with the central bank in Lithuania - a country which has been aggressively pushing itself as a fintech-friendly destination.

Revolut expects to have the licence in the first half of next year when it will immediately begin offering overdrafts, personal loans and term deposits in select markets. The banking licence will also enable Revolut to protect customers funds up to €100,000.

Meanwhile, the startup also says that it has begun building its own payment processor.

Nikolay Storonsky, CEO, Revolut, says: "We delayed applying for a banking licence because we wanted to focus all of our resources on product innovation from day one. Even without a banking licence, we have attracted over 950,000 users across Europe, many of whom consider Revolut as their primary current account and spending card.

"With our European banking license, Revolut will offer enhanced consumer protection through the European Deposit Protection Scheme and will offer interest bearing deposit and credit products. We’re building out a mobile-first, global financial platform to serve the needs of our unique international customers for the 21st century."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Businesses flock to app-based Revolut

Businesses flock to app-based Revolut

26 October 2017  |  7797 views  |  0 comments | 9 tweets | 8 linkedin
Andy Murray joins Revolut crowdfunding round

Andy Murray joins Revolut crowdfunding round

31 July 2017  |  12410 views  |  1 comments | 6 tweets | 4 linkedin
Revolut scores bumper $66 million investment round

Revolut scores bumper $66 million investment round

12 July 2017  |  7473 views  |  0 comments | 15 tweets | 13 linkedin
Revolut launches new business service across UK and Europe

Revolut launches new business service across UK and Europe

13 June 2017  |  7519 views  |  0 comments | 9 tweets | 16 linkedin
Revolut founder hits back at Brexit scaremongers

Revolut founder hits back at Brexit scaremongers

20 April 2017  |  9480 views  |  0 comments | 11 tweets | 6 linkedin

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.response.ncr.comvisit www.solutions.lexisnexis.com

Who is commenting?

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11952 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
9087 views comments | 15 tweets | 21 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
7515 views comments | 17 tweets | 35 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7225 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7065 views comments | 20 tweets | 11 linkedin

Featured job

London, UK (or flexible)

Find your next job