Revolut has announced that it has secured its European banking licence.
It will begin its operations in Europe next year and start accepting deposits and offering retail and business lending.
Revolut will initially focus on smaller European countries, before eventually passporting the licence to markets including the UK, France, Germany and Poland.
It claims it will take between three to six months to start passporting the banking licence across Europe.
Revolut will look to enter the lending market as a result of gaining the licence, with standard overdrafts to be introduced in addition to personal and business loans.
The banking licence will allow customers to have up to €100,000 of their money protected under the European Deposit Insurance Scheme.
Nik Storonsky, founder and CEO at Revolut (pictured above), said: “With the banking licence now secured, commission-free stock trading progressing well and five new international markets at final stages of launch, we are living up to our reputation as the ‘Amazon of banking’.
“Our vision is that retail and business customers will be able to apply for a loan in just two minutes from within the app, and then have the money in their account almost instantly.”
“We’ll remove the bureaucratic process and come in cheaper than traditional lenders,” Nik claimed.
Revolut is also looking to expand beyond Europe, with the United States, Canada, Singapore, Japan, Australia and New Zealand all expected to launch in early 2019.
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