{"id":628773,"date":"2024-07-25T12:29:00","date_gmt":"2024-07-25T09:29:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/revolut-wins-uk-banking-license-as-neobanks-take-on-establishment\/"},"modified":"2024-07-25T12:29:00","modified_gmt":"2024-07-25T09:29:00","slug":"revolut-wins-uk-banking-license-as-neobanks-take-on-establishment","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/revolut-wins-uk-banking-license-as-neobanks-take-on-establishment\/","title":{"rendered":"#Revolut wins UK banking license as neobanks take on establishment"},"content":{"rendered":"
\n Revolut has finally won a UK banking licence, intensifying the neobank threat to traditional finance.<\/p>\n

The breakthrough ends a painful wait for Europe\u2019s most valuable fintech firm, which first app<\/a>lied for a licence in January 2021.<\/p>\n

Regulators were reportedly<\/a> concerned about Revolut\u2019s accounts, but politicians offered vocal support. Jeremy Hunt, the former chancellor, called the company a \u201cshining example from our world-beating fintech sector.\u201d<\/p>\n

With the new license, Revolut can push that sector further into mainstream finance. But first, the company must complete a \u201cmobilisation stage,\u201d designed\u00a0for testing systems before a full launch. According to the Bank of England<\/a>, this stage can take \u201cas little as a few months\u201d and \u201cno longer than 12 months.\u201d<\/p>\n

\n
\n
<\/div>\n

<\/p>\n

\n

The <\/p>\n

The latest rumblings from the EU tech scene, a story from our wise ol’ founder Boris, and some questionable AI art. It’s free, every week, in your inbox. Sign up now!<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Once mobilisation is complete, the full\u00a0rights will be granted. Revolut can then provide overdrafts, loans, and savings products \u2014\u00a0just like traditional banks. The company\u2019s 9 million UK customers will also gain protection on deposits of up to \u00a385,000.<\/p>\n

Nik Storonsky, CEO of Revolut, called the license an \u201cimportant milestone in the journey\u201d of his firm.<\/p>\n

\u201cWe will ensure we deliver on making Revolut the bank of choice for UK customers,\u201d he said.<\/p>\n

The license also brings broader legitimacy to British neobanks. With a $33bn valuation,\u00a0Revolut is already worth as much<\/a> as many traditional banking giants. The disruptor is now reportedly<\/a> near a new valuation of $45bn, which would push it above Barclays and NatWest<\/a>.<\/p>\n

Despite these heady numbers, rival neobanks have been faster to win UK banking licences. The likes of Monzo, Starling, and Atom received the approval years ago.<\/p>\n

By joining these challengers, Revolut can accelerate its push into mainstream finance. Britain\u2019s banking establishment is getting a reshuffle.\n <\/p><\/div>\n

If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n

\n

If you want to read more like this article, you can visit our Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Revolut has finally won a UK banking licence, intensifying the neobank threat to traditional finance. The breakthrough ends a painful wait for Europe\u2019s most valuable fintech firm, which first applied for a licence in January 2021. Regulators were reportedly concerned about Revolut\u2019s accounts, but politicians offered vocal support. Jeremy Hunt, the former chancellor, called the…<\/p>\n","protected":false},"author":1,"featured_media":628774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/img-cdn.tnwcdn.com\/image\/tnw-blurple?filter_last=1&fit=1280%2C640&url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2024%2F07%2FUntitled-design-16.jpg&signature=a3838579ea8dd9b311cc59f74580f280","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-628773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/628773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=628773"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/628773\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/628774"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=628773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=628773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=628773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}