Revolut has finally become a full-fledged bank in Europe due to a banking license issued by the European Central Bank (ECB).
Revolut has submitted an application for a banking license to the U.K. Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Challenger bank Revolut applied for UK banking license and ex-Standard Chartered chief Richard Holmes is supposed to aid the process.
Revolut is preparing to submit a banking license application to the Bank of England and hopes to secure it before the end of the year.
This means the London-based digital bank is now offering deposit protection of up to € 100,000 to local customers in the particular markets.
The CEO Anne Boden says the company won’t advertise on Facebook or Instagram ‘alongside scammers who are going after the savings of our customers.
The Monetary Authority of Singapore (MAS) has given permission to Revolut to allow customers to trade gold and silver on its platform.