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.


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.


Featured Articles

Top 10 largest revenue generating family businesses in MENAT

From the UAE to Turkey, these family firms are the largest by revenue in MENAT and cover everything from energy to entertainment

Top 10 metaverse projects in the UAE, including world firsts

As Accenture predicts the metaverse will fuel a US$1 trilion commerce opportunity by 2025, we round up 10 pioneering metaverse projects in the UAE

PwC’s survey shows Middle East CEOs remain upbeat on growth

CEOs in the Middle East are far more optimistic about regional growth than those in North America and Europe, according to PwC’s annual survey

Opinion: “Why we must tackle the digital skills crisis"

Leadership & Strategy

5 Mins With: Kathryn Kaminsky Vice Chair Trust Solutions PwC

Leadership & Strategy

Survey: The Future of Cloud Security in the Middle East