Revolut has applied 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 UK banking licence will allow Revolut to provide full service current accounts with essential products such as overdrafts, loans and deposit accounts. Approval by the Bank of England and Prudenital Regulatory Authority would also provide customers with the added securitity of dissolution compensation under The Financial Services Compensation Scheme (FSCS).
Former Standard Chartered European CEO, Richard Holmes joined Revolut in October 2020 as an advisor to the board with a brief to develop Revolut’s bank proposition. His responsibilities include developing the board and leadership team for the new entity.
Nik Storonsky, founder and CEO at Revolut, says: “We want to be the best in class for customer experience, value and capabilities, and offering full bank accounts allows us to do just that. 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. Becoming a fully licenced bank in the UK is a central pillar of that ambition.”