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Revolut applies for UK banking license

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The UK is at risk of becoming an “incubator economy” with tech firms moving abroad, if action is not taken to support companies to scale up, a group of Lords has warned.
The UK is at risk of becoming an “incubator economy” with tech firms moving abroad, if action is not taken to support companies to scale up, a group of Lords has warned.

Revolut has applied for a UK banking licence, which would allow it to provide customers full service current accounts and products like overdrafts, loans and deposit accounts. 

A UK license would also mean customers had the security of protection of up to £85,000 under the Financial Services Compensation Scheme (FSCS), the UK’s lifeboat fund. 

Revolut founder and CEO Nik Storonsky said: “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.”

The challenger bank 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 credit offer in two European markets and plans to roll out banking operations across additional European markets in 2021.  

Revolut has had more than 13 million customers since its launch in 2015 and employs over 2,000 people worldwide, with around 800 based in London.