Revolut, one of Europe’s most popular FinTech companies that provides online banking services, is putting their big league pants on as they apply for a full banking license from UK regulators. The license, if granted, would allow Revolut to offer credit facility services such as loans, overdrafts, and deposit accounts. The reason they would need to be regulated to provide these services is that customers would need to be extended security guarantees under the UK’s Financial Services Compensation Scheme, which protects individual deposits of up to GPB 85,000 in case of company crashes.
Revolut currently holds an e-money license in Britain and offers basic banking services through its dynamic app such as prepaid debit cards, foreign currency transfers, and cryptocurrency trading, among others. It is hugely popular among younger users, with over 13 million users worldwide and counting.