Revolut granted banking license for Europe

By Bruno Reis

The UK-based startup with unicorn status, Revolut, received a European banking license, allowing the company to offer traditional services.

The fintech firm announced they were granted the license from the European Central Bank (ECB) on 13 December.

Revolut plans to implement its license in 2019, targeting markets such as Germany, France, Poland, and the UK, CNBC reported.

The license will enable the firm to offer services typically provided by traditional banks, such as current accounts, consumer and business lending, and overdrafts.

SEE ALSO:

The startup’s customers will also be able to deposit salaries into accounts, with the European Deposit Insurance Scheme covering up to €100,000 (US$113,500).

The firm’s first license was acquired through the Bank of Lithuania. It will take between three and six months to become operational.

According to the company’s CEO, Nick Storonsky, the license will not be the only one Revolut obtains, CNBC was informed.

The firm intends to apply for a UK banking license as well as its European one, due to the uncertainties surrounding the nation’s departure from the European Union (EU).

“If we feel a 'hard Brexit' happens, we'll definitely need to have a license here,” Storonsky told CNBC.

Share

Featured Articles

Meet the COO: Brook Sims of MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best business books to improve leadership strategy

From strategic guides to inspiring CEO memoirs, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better leader

Shoplazza founder and CEO Jeff Li, ex Baidu, on leadership

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

The office shifts to new way of working – workplace special

Leadership & Strategy

Trailblazer: Clorox's DEI leader Shanique Bonelli-Moore

Sustainability

The inspirational CEO story – Dean Forbes of Forterro

Leadership & Strategy