According to the CEO of Revolut, Nikolay SToronsky, Revolut will be applying for the banking license in the United States. The company was founded in 2015. According to the CEO, the company might be able to apply for banking license by the end of this year.
Current developments in Revolut:
Revolut is already active in Europe. It has already applied for a banking license in Europe. It currently provides prepaid cards to its customers. There are over 2 million users of Revolut currently. Revolut currently offers remittance services to its customers. The customers are able to send and receive different currencies all over the world. According to the CEO, Revolut will be partnering up with the bank in order to launch the services in the United States this summer.
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Most valued start-up in UK:
It does not, however, is a surprise that owing to the pace at which Revolut is growing, it is the most valued start-up in United Kingdom. The valuation which it raised in the recent fundraising was $ 1.7 billion. It raised around $ 250 million in April.
Other companies following suit:
Revolut is not the only company seeking a banking license. Squire Inc also is seeking a banking license in the United States. Varo Money is another digital bank which is also seeking a banking license in the United States.
Revolut is looking to raise even more capital in order to expand at a brisk pace. It is not only going to expand geographically but it is also planning on providing newer products and services to its customers. It is currently providing services like personal loans, small business banking transactions, as well as cryptocurrency based services. Also, it is in the process of launching a robotic advisor. It is mostly expanding in the associated fields are so that it is able to tap into the same customer base. This will help it scale up its business quite rapidly by providing a variety of different financial services. It remains to be seen whether it is able to avoid the risk of the financial sector in the future by lending to the right individuals or not.
Revolut just operates through an application. As a result, the customers of Revolut are able to access the services of the company quite easily through their smartphone. It currently employs 400 people. It remains to be seen whether, with the help of this banking license, it is able to indeed expand its operations significantly.
