Revolut apply for EU banking license

Revolut said on Wednesday it had applied for European banking license to join several other digital banks to seize customers from larger traditional lenders. The fintech startup from the UK established in 2013 it hopes to receive an effective license in the first half of 2018.

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.