Revolut has unveiled plans for full current accounts, consumer lending and commission-free stock trading, as the London-based fintech is granted a European banking licence. The company will begin implementing the licence next year, initially focusing on smaller European countries, before eventually passporting the licence to key markets including the United Kingdom, France, Germany and Poland.
Launched three years ago, Revolut initially attracted customers by letting them spend and transfer money abroad with the real exchange rate. Since then, the company has signed up over three million customers with its spending overviews, budgeting controls and savings features.
In December last year, the company began offering its customer the ability to buy and sell exposure to cryptocurrencies from within their app, and in August it announced plans to launch commission-free stock trading across the UK and Europe in early 2019.
The new banking licence will allow its customers to start depositing their salaries, which will be protected up to €100,000 under the European Deposit Insurance Scheme. Revolut will also begin to work on offering overdrafts, personal and business loans at competitive rates to traditional high street lenders.
With the banking licence now secured, commission-free stock trading progressing well and five new international markets at final stages of launch, we are living up to our reputation as the Amazon of banking. Our vision is simple: one app with tens of millions of users, where you can manage every aspect of your financial life with the best value and technology.
Nik Storonsky, Founder & CEO of Revolut