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Revolut Applies for UK Financial Services License

British challenger bank Revolut has submitted a banking license application to the UK Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

Monday, January 11, Nik Storonsky, founder and CEO at Revolut, said in a press release that having a U.K. license for financial services will enable it to offer banking products “U.K. customers expect from their everyday primary bank account.”

“A U.K. banking license allows us to provide the essential financial products UK customers expect from their everyday primary bank accounts, such as loans, credit cards, overdrafts, and deposit accounts, coupled with the additional trust and security that is offered through FSCS protection,” Storonsky added.

It is also said in the past that Revolut did not need a banking license and the regulation would slow the company down. The push to secure a banking license comes as Revolut and fintech like it look for new revenue streams. A significant percentage of Revolut’s income comes from small fees charged on card transactions, which have declined during the pandemic.

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