Challenger bank Revolut has submitted its application for a bank licence in the UK to the nation’s financial regulators.
The Prudential Regulation Authority and the Financial Conduct Authority will determine whether or not the neobank has what it takes to operate as a bank in the nation following Brexit.
The new banking licence would add to the EU banking licence it secured in Lithuania in December 2018. Although, it only started to operate as a bank across Europe in 2020.
A UK banking licence will allow Revolut to further progress its development of highly personalised products to meet customers’ financial needs. The banking licence allows Revolut to provide full service current accounts with essential products such as overdrafts, loans and deposit accounts.
“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,” said Nik Storonsky, co-founder and CEO of Revolut, who was recently named the UK’s first tech billionaire.
“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.”
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