The company holds client cash under a so-called “e-money” license. A full banking license would allow it to offer things like overdraft lending and loans. Customers would also be covered by the Financial Services Compensation Scheme (FSCS), which provides government protection on deposits of up to £85,000.
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Revolut applies to become a UK bank
“A UK banking licence allows us to provide the essential financial products UK customers expect from their everyday primary bank account, such as loans, credit cards, overdrafts and deposit accounts, coupled with the additional trust and security that is offered through FSCS protection,” chief executive Nikolay Storonsky said in a statement.
