Revolut introduced additional fees on its free plan and trading on the Revolut platform will also become more expensive.
Tom Blomfield who co-founded Monzo Bank 2015, is leaving the digital bank, citing "challenges" from the pandemic, TechCrunch reported.
Revolut has submitted an application for a banking license to the U.K. Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
The digital bank Revolut had more app downloads in 2020 than Monzo and Starling combined.
Revolut mistakenly announced that premium customers will be able to transfer Bitcoin (BTC) from the platform to external wallets.
Starling Bank has the most switched-to digital-only bank and the second most switched-to bank in the final quarter of 2020.