Revolut is preparing to submit a banking license application to the Bank of England, and hopes to secure it before the end of the year.
The move comes after operating for five years in Britain, with the challenger bank deeming it necessary due to the UK’s departure from the European Union (EU) at the end of January.
The bank has taken other steps to deal with the Brexit, including shifting of its payment regulatory responsibilities to Lithuania and Ireland, as its chief executive officer, Richard Davies, recently announced.
This move was also considered a necessity due to the anticipated loss of passporting rights once the UK completes the process of leaving the EU. The bank secured a European banking license from Lithuania in 2018.
Revolut never had a full banking license for the UK
Securing a full banking license in the UK is necessary for Revolut to start holding deposits on its own, and not have to rely on rivals, such as Barclays, to do it for the startup.
The bank claims over 10 million customers around the world, with more than one-third — 3.5 million — based in the UK. With the UK being a part of the EU, Revolut did not have to obtain a full banking license for the country until now. Applying for such a license was never ruled out, however, but it also never made a formal application.
The challenger bank was founded by former Credit Suisse trader Nik Storonsky (pictured, right) and former Deutsche Bank systems engineer Vlad Yatsenko (pictured, left), in 2015.
The company also made steps to reassure the UK regulators that it is in safe hands, by bolstering its board with the appointment of Goldman Sach veteran Michael Sherwood and form senior RBS executive Ian Wilson as non-executive directors last week. It has also appointed former co-chief executive of Standard Life Aberdeen Martin Gilbert as chairman in November.
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