{"id":15531,"date":"2024-07-25T11:20:40","date_gmt":"2024-07-25T08:20:40","guid":{"rendered":"https:\/\/forklog.com\/en\/revolut-secures-uk-banking-licence\/"},"modified":"2024-07-25T11:20:40","modified_gmt":"2024-07-25T08:20:40","slug":"revolut-secures-uk-banking-licence","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/revolut-secures-uk-banking-licence\/","title":{"rendered":"Revolut Secures UK Banking Licence"},"content":{"rendered":"<p>Fintech firm Revolut Ltd. has <a href=\"https:\/\/www.revolut.com\/news\/revolut_receives_uk_banking_licence\/\">secured<\/a> a preliminary banking licence from UK regulators. This will allow the company to enter a mobilisation phase to test systems and gradually roll out new services.<\/p>\n<p>Once restrictions are lifted and a full licence is obtained, Revolut will become a fully-fledged online bank, able to offer overdrafts, loans, and savings products to its customers.<\/p>\n<p>Additionally, customer accounts will be covered by the UK&#8217;s Financial Services Compensation Scheme, which protects deposits up to \u00a385,000 ($109,500) in the event of company insolvency.<\/p>\n<p>Until the mobilisation phase is complete, Revolut will continue to operate in the UK as a regulated financial service under the <span data-descr=\"Financial Conduct Authority\" class=\"old_tooltip\">FCA<\/span>.<\/p>\n<p>The company first applied for a banking licence in the country in early 2021.<\/p>\n<p>According to the 2023 financial <a href=\"https:\/\/www.revolut.com\/ru-EE\/annual-report\/2023\/\">report<\/a>, the group&#8217;s revenue exceeded $2.2 billion, with a record pre-tax profit of $545 million.<\/p>\n<p>In May, Revolut <a href=\"https:\/\/forklog.com\/en\/news\/revolut-launches-cryptocurrency-exchange\">launched<\/a> Revolut X, a cryptocurrency platform aimed at experienced traders, independent of its app.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fintech firm Revolut Ltd. has secured a preliminary banking licence from UK regulators. This will allow the company to enter a mobilisation phase to test systems and gradually roll out new services. Once restrictions are lifted and a full licence is obtained, Revolut will become a fully-fledged online bank, able to offer overdrafts, loans, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,36,1396,810],"class_list":["post-15531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-regulation","tag-revolut","tag-united-kingdom"],"aioseo_notices":[],"amp_enabled":true,"views":"44","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=15531"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/15530"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=15531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=15531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=15531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}