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London-based fintech firm Revolut introduced that it acquired its UK banking licence with restrictions from the Prudential Regulation Authority (PRA), the UK banking sector’s regulator.
With this improvement, the UK-based fintech firm has entered the ‘mobilisation’ stage, often known as ‘Authorisation with Restrictions’. This stage is a typical course of for brand new banks within the UK, together with Monzo, Starling, and Atom Financial institution.
Daniel Waterhouse, Basic Associate at Balderton Capital, which led Revolut’s Seed and Sequence A rounds, says, “For a corporation the dimensions of Revolut, gaining a banking licence was by no means going to occur in a single day. It’s, rightly, a fancy course of that takes a whole lot of work.”
“The granting of this licence marks an enormous milestone and is testimony to the standard and class of Revolut’s organisation, expertise and management.”
“Since we led Revolut’s Seed in 2015, our confidence has by no means wavered, and the corporate has gone from energy to energy. From a founder with an thought and a pitch deck to a world fintech big, bettering the monetary lives of over 45 million prospects in 38 international locations world wide,” provides Waterhouse.
Nothing modifications for UK prospects
Revolut confirms that in this ‘mobilisation’ stage, nothing modifications for UK prospects, who can proceed utilizing their Revolut e-money accounts as typical. This section permits Revolut to finish its UK banking operations earlier than launching out there.
Throughout this stage, the London-based fintech firm can maintain solely £50,000 of whole buyer deposits. UK prospects will proceed utilizing Revolut Ltd, a regulated e-money establishment till the brand new financial institution totally launches.
Nik Storonsky, CEO of Revolut, says, “We’re extremely proud to achieve this necessary milestone within the journey of the corporate and we’ll guarantee we ship on making Revolut the financial institution of alternative for UK prospects.”
Francesca Carlesi, UK CEO of Revolut, provides, “Immediately’s announcement is a big step ahead for Revolut and for our prospects. It’s a super accountability to be a financial institution within the UK and we’ll work relentlessly to supply services and products that enhance the monetary lives of everybody who makes use of Revolut.”
“That is the following section in Revolut’s journey within the UK – we are able to’t wait to get going.”
Temporary about Revolut
Revolut was based in 2015 providing cash switch and alternate companies. Immediately, it serves over 9 million UK prospects and 45 million prospects globally, facilitating greater than half a billion transactions every month.
Just lately, the corporate printed its 2023 monetary efficiency, reporting file income of €503M and a 95 per cent enhance in group revenues.
Earlier this yr, in Could, Revolut launched the Dutch Worldwide Financial institution Account Quantity (IBAN) to simplify enterprise banking for its prospects within the Netherlands.
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