Revolut Nabs Restricted Banking License in the UK, Gears Up for Full Services

IconCryptoNewsTerminal Staff25 Jul, 2024

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Revolut Nabs Restricted Banking License in the UK, Gears Up for Full Services

London-based neobank Revolut has secured a restricted banking license from the Bank of England’s Prudential Regulation Authority (PRA), marking a step forward in its bid to offer full banking services in the United Kingdom, CoinDesk reported. The granting of the license will allow Revolut to scale up its operations and offer new products and services to its customers. The restricted banking license enables Revolut to hold customer deposits, issue loans, and offer other banking products. It also allows the company to connect to the Faster Payments System, which is a UK-based payment infrastructure that facilitates instant bank transfers. In May, Revolut launched Revolut X, a dedicated cryptocurrency exchange for advanced traders. The company has also been expanding its services in other areas, such as stock trading and insurance. Revolut plans to use the restricted banking license to expand its product offerings and reach new customers. The company has set a goal of becoming a fully licensed bank in the United Kingdom within the next few years.

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