Revolut, the UK-based fintech giant, is on the brink of securing a UK banking license. CEO Nik Storonsky expressed confidence that the company is in the final stages of the approval process, which will enable it to offer more comprehensive banking services, including deposit insurance for its UK customers.
This comes as the company reported a record profit of $545 million in 2023. The approval has been long-anticipated, with Revolut addressing regulatory concerns and enhancing its internal systems to meet compliance standards. If successful, the license will mark a significant milestone in Revolut's rapid expansion and diversification strategy.
