Revolut, the London-based fintech, has applied for a European banking licence with the aim of becoming the first global banking app.
The start-up expects to have the licence in the first half of 2018. The licence will enable Revolut to offer overdrafts, loans and debit and credit services. It will also mean that Revolut can ensure protection for their customers’ funds up to €100,000 ($11,600).
Nikolay Storonsky, CEO and founder of Revolut, said: “We delayed applying for a banking licence because we wanted to focus all of our resources on product innovation from day one. Even without a banking licence, we have attracted over 950,000 users across Europe, many of whom consider Revolut as their primary current account and spending card.
“With our European banking license, Revolut will offer enhanced consumer protection through the European Deposit Protection Scheme and will offer interest bearing deposit and credit products. We’re building out a mobile-first, global financial platform to serve the needs of our unique international customers for the 21st century.”
Revolut was founded in 2015 and it provides a platform to use and manage money around the world. Across Europe, Revolut has over 900,000 users who can manage and spend their money in over 120 currencies without any charges.