The Fintech Startup Company Revolut Applied for a U.K. License
Daniel Johnson — January 15, 2021 — Business
References: revolut & techcrunch
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
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
Trend Themes
1. Digital Banking Transformation - The acquisition of a banking license by fintech companies like Revolut represents the ongoing digital transformation in the banking and financial industry.
2. Challenger Banks - Fintech companies like Revolut represent the rise of challenger banks, a new breed of digital banks that are disrupting the traditional banking industry.
3. Mobile-first Financial Services - Revolut's success in acquiring a banking license in the UK will fuel the trend towards mobile-first financial services, where customers expect seamless and convenient banking experiences on their smartphones.
Industry Implications
1. Fintech - The acquisition of a banking license by a fintech company like Revolut signals a shift in the financial industry towards digital transformation, and represents an opportunity for other fintech startups to disrupt the traditional banking industry.
2. Banking - Revolut's application for a banking license in the UK reflects the changing landscape of the banking industry, and presents an opportunity for other traditional banks to adopt digital strategies and compete with the rise of challenger banks.
3. Mobile Technology - The trend towards mobile-first financial services, as exemplified by Revolut's success, offers an opportunity for other industries to innovate and provide customers with mobile-friendly experiences in their respective fields.
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