Revolut receives UK banking licence after 3 years, permitting new products, deposit holding, and £50k deposit book limit.
Revolut, a UK-based fintech company, has received a long-awaited UK banking licence after a three-year wait. The licence will allow Revolut to offer new products and services, and to hold customer deposits. However, the licence comes with restrictions, such as not being able to build its deposit book beyond £50,000. Revolut plans to use the "mobilisation" stage to build its banking operations in preparation for launching in the market.
July 25, 2024
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