Revolut apply for EU banking license
Revolut has offered pre-paid cash cards since 2015 as one of a number of technology companies that break the dominance of traditional banks. Digital banks are reducing costs and will compete in virtual currencies like Bitcoin where the British government regards fintech as a major source of growth.
"Even without a banking license, we already have over 950,000 users across Europe," says Revolut founder and CEO Nikolay Storonsky.
Storonsky expects to receive licenses and start offering services in specific markets directly. Demand and credit will be available to users in Lithuania, before being launched to Estonia and Latvia, then France, Germany, Italy and the rest of the European Union.
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