Revolut Granted Banking License in the United Kingdom
Revolut has received a UK banking license, allowing it to offer deposit accounts and paving the way for expanded services.Summary
Revolut announced on Wednesday that it has been granted a banking license in the United Kingdom by the Prudential Regulation Authority (PRA). This allows Revolut Bank UK to offer deposit accounts to individuals and businesses, with deposits protected up to £120,000 by the Financial Services Compensation Scheme (FSCS). Existing Revolut UK customers will be transitioned to the new account type over several months. The company stated this license enables them to offer a “wider range” of services, including lending, and they have also applied for banking licenses in Peru and the United States. This move reflects a broader trend of crypto and fintech companies seeking to integrate more fully into the traditional banking system, though facing some resistance from established banking interests.
(Source：Cointelegraph)