According to official reports, Revolut decided to apply for a banking license in the UK. It would allow the company to expand its offer with comprehensive savings accounts with access to services such as overdrafts, loans and deposits.
Banking license - benefits for Revolut and its customers
Revolut applied for a banking license directly to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). A positive decision in this matter would bring a number of benefits not only to the company itself, but also to its clients, who could gain access to a wider group of much more attractive services, including savings and credit services. Moreover, they would gain more security as the license would mean additional protection under the Financial Services Compensation Scheme (FSCS), which would be up to £ 85 per person. This would be the perfect complement to the tools currently in use.
European banking license
It is worth mentioning that Revolut has already obtained a European banking license, which took place in 2018. As a result, the company can offer banking services in Central Europe. Among them there are an exceptionally attractive loan offer, available on two European markets, and being a serious competition for traditional loan services. Ultimately, Revolut services are to be extended to other European countries in 2021.
As the CEO of Revolut, Nik Storonsky, argues, the banking license will provide customers with tangible benefits in the form of high-quality banking services. The company strives to provide them not only with the best products, but also with the highest level of service, which is to be guaranteed by the offer of full bank accounts.
Revolut is a banking services company that has acquired over 2015 million customers since 13. Last July, it successfully closed its Series D funding round with a $ 80 million extension for a total of $ 580 million and a valuation of $ 5,5 billion. Revolut has been hailed by the Sunday Times as the fastest growing technology company in Great Britain.