Business

Revolut Becomes UK Fintech Firm to Seek Banking License

The technological firm Revolut has decided to become a bank despite the hard regulatory and capital requirements that it will have to assume. The company has received the European banking license from the London supervisor and “it will be implemented in 2019, allowing it to operate and serve as a financial institution throughout Europe.” Revolut will begin to accept deposits and offer loans to businesses and businesses, “says the company. says it has three million users.

Revolut has presented its plans for current accounts, consumer loans and a commission-free investment platform , according to a statement. It will take between three and six months until Revolut begins to implement it throughout Europe, focusing first on the smallest European countries.

The firm believes that the conversion into a bank “is worthwhile for both our users and our Revolut Empresas clients because it increases their confidence.” The new banking license will now allow them to deposit their salaries, which will be covered by the Deposit Guarantee Fund. ”

Since its founding in 2015, Revolut has worked as an alternative for users seeking to find the best exchange rate for foreign currency exchange. In December of last year, Revolut incorporated the possibility of obtaining instant exposure to cryptocurrencies from the application, and in August announced its plans to create a commission-free investment platform through the application.

“With a secured bank license, we want to be an investment platform with no commission in a process and five new international markets.” Our purpose is simple: create an application for tens of millions of users in which to manage finances in the simplest way possible. personal, at the best price and with the best technology “, emphasizes Nikolay Storonsky, founder and CEO of Revolut.

The company says it opens between 8,000 and 10,000 daily accounts and processes a volume of more than 4,000 million dollars a month. Beyond Europe, Revolut also announces its expansion plans, and is preparing to launch in the United States, Canada, Singapore, Japan, Australia and New Zealand in the first quarter of 2019.

Storonsky adds in the note that “our vision is that retail and commercial customers can apply for a loan within a couple of minutes of the application and get money in their account almost instantly.We will eliminate the bureaucratic process and offer a cheaper proposal than traditional lenders. ”

To date, Revolut claims to have raised approximately $ 340 million in investments from major companies such as Index Ventures, Ribbit Capital, Balderton Capital and DST Global.

About the author

Angela Nagata

Angela Nagata is a reporter for De Lune. After graduating from NYU with a master degree in history,Angela got an internship at WABC-TV New York and worked on profiling local businesses across the city.

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