Mobile banking app, Revolut, has submitted its application for a bank licence in the United Kingdom to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
A UK banking licence will allow Revolut to progress its development of personalised products and services and provide full service current accounts, overdrafts, loans and deposit accounts. Revolut has already created a number of successful, personalised products such as commission-free stock trading, cryptocurrency trading, savings wallets, junior accounts and rewards.
In addition to Revolut’s financial crime and anti-money laundering tools, on the approval of the licence customers would have the additional security of deposit protection under The Financial Services Compensation Scheme (FSCS) up to £85,000 per person.
Revolut was granted an EU banking licence in Lithuania in December 2018 and has begun rolling out banking services in central Europe. The company recently introduced a highly competitive credit offer in two European markets and plans to roll out banking operations across additional European markets in 2021.
A UK banking licence allows us to provide the essential financial products UK customers expect from their everyday primary bank account, such as loans, credit cards, overdrafts and deposit accounts, coupled with the additional trust and security that is offered through FSCS protection.
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.
Nik Storonsky, Founder and CEO, Revolut