Revolut to buy technology companies hit by coronavirus pandemic

Thursday 7 May 2020 13:09 CET | News

Revolut has announced that it is looking to use some of the proceeds of its recent USD 500 million fundraising to buy technology companies that have been hit by the coronavirus pandemic.

According to Financial Times, the company sees the current coronavirus crisis as an opportunity to snap up cash-strapped fintechs, with a focus on travel companies.

Revolut is also looking forward to obtaining a UK banking licence, after having operated in the UK for five years without one. Earlier this week, Revolut officially launched as a fully-fledged bank in Lithuania, operationalising its European Banking Licence, and allowing its 300.000 Lithuanian customers to insure their deposits up to EUR 100.000.

Revolut received its European Banking Licence from the Bank of Lithuania in late 2018 and says it plans to offer credit cards and loans in the coming months.

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Keywords: Revolut, coronavirus, COVID-19, technology, fintech, UK, banking, banks, Lithuania, European Banking Licence, credit cards, loans
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech