British challenger bank Revolut has submitted a banking license application to the U.K. Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Nik Storonsky, founder and CEO at Revolut, said in a press release on Monday (Jan. 11) that having a U.K. license for financial services will enable it to offer banking products “U.K. customers expect from their everyday primary bank account.”
He added that Revolut strives to be “the best in class for customer experience, value and capabilities” and offer a full range of services from deposit accounts and overdraft protection to loans and credit cards.
After getting the banking license, Revolut said it would develop a “financial super app.” The FinTech startup has already created several financial services products, including cryptocurrency and stock trading, savings wallets, junior accounts and rewards.
Storonsky said Revolut wants to develop “many more innovative products” that will advance “innovation and competition” across the financial services sector. The license will extend Revolut’s award-winning financial crime tools to its customers while also offering protection under The Financial Services Compensation Scheme (FSCS).
Richard Holmes, previously CEO at Standard Chartered European, joined the Revolut team in October 2020 as a board advisor. He will be tasked with developing the board and leadership team.
Revolut was granted a European Union banking license in Lithuania in December 2018 and has begun operations in central Europe. The FinTech also has a credit offer in two European markets with expectations of launching additional markets across Europe this year.
The London-based FinTech was founded in 2015 and has secured more than $580 million in funding on a $5.5 billion valuation. With some 13 million customers, the startup employs over 2,000 people worldwide.
Last month, Revolut introduced four new cryptocurrencies — EOS, OMG Network, Tezos and 0x. The company added bitcoin, ether and litecoin in 2017. The neobank launched in the U.S. in March through a partnership with Metropolitan Commercial Bank.
