Revolut applies for UK banking licence

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Revolut has applied for a UK banking licence, enabling the firm to offer FSCS-protected deposits and lending services for customers.

Recently it was granted a European banking licence by the Bank of Lithuania in the last couple of years. However, the UK has operated as an FCA authorised e-money institution and so a full UK banking licence was always in the pipeline.

The UK banking licence will enable Revolut to provide full service current accounts with essential products such as overdrafts, loans and deposit accounts. Approval by the Bank of England would also provide customers with the added security of dissolution compensation under The Financial Services Compensation Scheme.

Nik Storonsky, founder and CEO at Revolut, says: “We want to be the best in class for customer experience, value and capabilities, and offering full bank accounts allows us to do just that. In the future, we want to offer many more innovative products to our UK customers and we are excited to continue driving innovation and competition in the banking industry. Becoming a fully licenced bank in the UK is a central pillar of that ambition.”