U.K. fintech firm Revolut gets European banking license

By Folake Dosu  |  December 14, 2018

fintech-revolut-european-banking-license

U.K. financial technology company Revolut just raised its international profile with a banking license issued by the European Central Bank, clearing the way for the digital bank to offer services across Europe. 

With this license procured through the Bank of Lithuania, Revolut will go head-to-head with traditional banks, offering services such as full current accounts, consumer and business lending, direct deposits and overdrafts, CNBC reports. Implementation will take between three to six months, according to the company.

While Revolut founder and CEO Nik Storonsky is celebrating the win, he calls it “one of many” and told CNBC that the company plans on applying for a U.K. banking license as uncertainty over Brexit still looms.

“If we feel a ‘hard Brexit’ happens, we’ll definitely need to have a license here,” Storonsky said to CBNC.

Other digital banks that have received banking licenses include the U.K.’s Monzo and Starling which are both licensed in the U.K. as well as Germany’s N26 which has a European license.

Revolut has been growing at an impressive rate. It currently serves more than 3 million customers with a debit card and current account offering in addition to premium add-ons such as crypto trading and foreign exchange transactions, according to CNBC. Between 8,000 and 10,000 current accounts are opened every day on the platform.

Revolut has been growing at an impressive rate. It currently serves more than 3 million customers with a debit card and current account offering in addition to premium add-ons such as crypto trading and foreign exchange transactions, according to CNBC. Between 8,000 and 10,000 current accounts are opened every day on the platform.

“At the moment we have about 100,000 waiting in the U.S. without any marketing,” Storonsky told CNBC.

Storonsky’s ambitions are for Revolut’s customer base to be over 100 million strong, cementing its status as “best digital bank in the world”. Expansion plans for 2019 include launches in the U.S., Canada, Singapore, Japan, Australia and New Zealand.

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