Revolut, a United Kingdom-based fintech startup company, recently applied for a banking license in its home country and has filed with the Prudential Regulation Authority and also the Financial Conduct Authority.
If Revolut is successful in acquiring a banking license in the United Kingdom, it will be able to offer its customers full-service accounts equipped with overdrafts and loans, and it could also provide credit cards. If the company receives a banking license, consumers could be protected up to £85,000 under the Financial Services Compensation Scheme, or FSCS.
The company was previously was granted a banking license in the European Union and The Bank of Lithuania. The fintech company also relies on passporting rules in Europe to operate in different countries on the continent.
Image Credit: Revolut