The challenger bank Revolut has just become an actual bank by securing a European licence, which it applied for through the Bank of Lithuania. The company plans to start offering protected current accounts, overdrafts, and loans in early 2019.
Thanks to the EU's “bank passport” system, the licence received in Lithuania allows Revolut to offer its services throughout the EU/EEA. The startup plans to start from “smaller European countries” and initially bring the service to “key markets including the United Kingdom, France, Germany and Poland,” it stated in a press release.
Revolut claims to have attracted 3 million users so far by offering cryptocurrency trading and money transfers at the interbank exchange rate. It also stated that it's been opening 8,000 to 10,000 accounts daily over the last 12 months while reaching $4 billion per month in transaction volume. The startup also plans to launch commission-free stock exchange trade in 2019.
“With the banking licence now secured, commission-free stock trading progressing well and five new international markets at final stages of launch, we are living up to our reputation as the ‘Amazon of banking,’” said Nik Storonsky, founder & CEO of Revolut. “Our vision is simple: one app with tens of millions of users, where you can manage every aspect of your financial life with the best value and technology.”