Revolut Applies for U.K. Banking License
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Revolut Ltd., one of Europe’s largest startups, has asked U.K. regulators for a full banking license to fuel expansion beyond its fintech roots.
The license would enable Revolut to offer overdrafts, loans and deposit accounts, it said in a statement Monday. The firm would also be covered by the U.K.’s Financial Services Compensation Scheme, which protects customer deposits of 85,000 pounds ($114,700) or below if a business goes bust.