Revolut has secured a banking licence to operate in the UK after a three-year wait. Photograph: Thiago Prudencio/SOPA Images/LightRocket via Getty Images
The group said on Thursday that it has now entered a “mobilisation” stage, which will allow the firm to complete building out its banking operations in advance of launching in the market. As it goes about this process, the UK banking authorisation carries restrictions, such as not building its deposit book beyond £50,000 .
It is a major victory for Revolut, one of a handful of financial services apps – commonly known as fintechs – to have emerged in Britain over the last decade, offering services without physical branches.“We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers,” said Nik Storonsky, chief executive of Revolut.
Customer numbers in the Republic increased by 21 per cent last year to 2.7 million, or roughly one in every two individuals in the State. The company has set its sights on increasing its Irish customer base to above three million this year.
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