London (AFP) – British fintech company Revolut on Wednesday said it had obtained a full UK banking licence from regulators, lifting restrictions on it competing with established retail lenders. “This milestone means that Revolut Bank UK…will be able to start offering accounts as a fully licensed bank for both retail and business customers,” it said in a statement.
Founded in 2015, the company has around 13 million UK customers and has been a leader in rolling out financial services via smartphones, initially focusing on allowing clients to easily exchange currencies and make transfers. “We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe,” Nik Storonsky, co-founder and CEO of Revolut, said Wednesday.
Revolut has long awaited a banking licence in its home market, having already secured such authorisation in the European Union. The full licence paves the way for Revolut to offer lending services to its 13 million UK customers, who will also benefit from stronger financial protections. Valued at $75 billion, the company is targeting 100 million customers in 100 countries.
However, its rapid growth has drawn criticism in recent years regarding its ability to comply with financial regulations, particularly those aimed at combating fraud and money laundering. The company plans to invest $13 billion over five years to support its international expansion, including doubling its workforce and entering more than 30 new markets by 2030. The largest chunks of the investment include a $4 billion commitment to the UK, along with previously announced amounts of $1.2 billion in France and $500 million in the United States.
As part of its expansion, the company has recently launched its full banking operations in Mexico and aims to launch its services in India and South Africa. Revolut has also applied for a US banking license.
© 2024 AFP
