The Canary Wharf-based business, which first applied for a licence back in 2021, received confirmation of the verdict from the UK’s Prudential Regulatory Authority, allowing the company to offer a range of new financial services to compete with the biggest high street banks.
The $45 billion firm said it will now enter the “mobilisation” stage before obtaining a full licence, during which time banks can only hold £50,000 of total customer deposits. According to the Bank of England, mobilisation “could take as little as a few months but cannot continue indefinitely and should take no longer than 12 months.”
Revolut obtained a banking licence in Lithuania in December 2021 and is also regulated by the European Central Bank.
Denne historien er fra July 25, 2024-utgaven av Evening Standard.
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Denne historien er fra July 25, 2024-utgaven av Evening Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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In the eye of the storm A rich account of Britain's political chaos
Tim Shipman’s fourth and final tome covers Johnson to Sunak, via Truss
Is this government full of amateurs?
Labour's hard landing has revealed a cabinet struggling with the basics
It's going to be weird when the national anthem plays, but I'm so proud to lead the United States
Emma Hayes closed the book on 12 trophy-laden years at Chelsea with her fifth consecutive Women’s Super League title in May.
Can Guardiola fix 'fragile' City after latest implosion?
Rebuilding his ageing side will bea greater challenge than building it in the first place for one of the greats
London wins battle of the global city brands again...
...but the capital still has plenty of work to do ifit wants to keep that crown
At home with...Earl of East
The duo behind the fragrance brand have made a Leyton new-build their sanctuary
How evolution evolved: the risks and rewards of gene-editing technology
INDIA BLOCKspeaks to paediatrician and TV writer Dr Neal Baer about the controversial advancement
This beloved take on Dickens is a joyful gift that keeps on giving
AIl through a bright, bitter winter day I was smiling because I was coming to see Jack Thorne's adapAtation of Charles Dickens's story again.
Market merrymaking
Bundle up in your warmest coat, hat and mittens to visit the best Christmas markets in the UK.
Festive favourites
Perfect your Christmas spread with a vibrant spin on a seasonal staple.
