The UK's biggest fintech startup Revolut is reportedly preparing to apply for a UK banking licence, enabling the firm to offer FSCS-protected deposits and lending services for customers.
The app was granted a European banking licence by the Bank of Lithuania in 2018, but in the UK has operated as an FCA authorised e-money institution..
The firm, which last month became the UK’s most valuable financial technology startup after a funding round that more than tripled its value to £4.2bn, now employs over 2,000 people in 23 offices and claims 10 million customers.
Revolut stirred up controversy last year, with questions raised over its treatment of staff, recruitment policies and compliance with money laundering rules. The bad press stirred the company into making a stream of high profile appointments across its risk and compliance functions and to draft in more old-school banking hands at board level.
Earlier this month, Revolut recruited former co-chief executive of Goldman Sachs International, Michael Sherwood as a non-executive director and of Ian Wilson, an experienced retail banker and former CRO, as non-executive director.
The new blood should go some way to instilling confidence in the firm's business operations with UK regulatory bodies.