Revolut obtains full European banking license after waiting over 12 months

Written by Oliver Wade
13/12/2018

Fintech banking startup Revolut has finally secured a full European banking license, after applying for authorisation over twelve months ago in Lithuania.

The banking app turned bank has unveiled its plans to provide current accounts to customers across Europe on the back of the decision, along with future efforts in developing its own consumer lending product.

The startup will launch with the license in smaller European countries at the beginning of next year, with the intention of eventually passporting the license to the UK and other markets in three to six months.

However, it was not made clear how this would work should financial laws surrounding passporting be amended as part of Brexit.

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