The U.K.-based fintech startup Revolut has received a European banking license, according to Business Insider.
Revolut it’s a free-to-use digital payment platform, which includes a prepaid debit card, currency exchange, crypto exchange, and p2p payments. The platform was founded in 2015 by Nikolay Storonsky and Vladyslav Yatsenko.
The Founder & CEO of Revolut, Nik Storonsky claims that with the banking license now secured, commission-free stock trading progressing well and five new international markets at final stages of launch, Revolut is living up to its reputation as the “Amazon of banking.”
“Our vision is simple: one app with tens of millions of users, where you can manage every aspect of your financial life with the best value and technology,” added Storonsky.
Revolut clients can now get an overdraft and deposit their salaries, protected up to €100,000 under the European Deposit Insurance Scheme.
In addition, Revolut will soon offer personal and business loans to customers in addition to its existing offering of spending in foreign currencies at real-time exchange rates, Business Insider states.
At press time, Revolut has approximately 3.2 million clients. However, the Revolut’s expansion policy is still considered by some users to be quite ambiguous, since the company was abused in unfair hiring activities.
Earlier, Revolut was granted with a license by the Monetary Authority and a Stored Value Facility approval to offer its services in Singapore and Japan.
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