Revolut applies for UK banking licence

Tuesday 12 January 2021 13:09 CET | News

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 if 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. However, it only started to operate as a bank across Europe in 2020.

A UK banking licence will allow Revolut to provide full service current accounts with essential products such as overdrafts, loans, and deposit accounts.

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Keywords: Revolut, neobank, challenger bank, PRA, FCA, Brexit, banking, bank licence, EU
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech