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Revolut is nearing the completion of 2021 accounts, seeking a UK fintech license

Revolut, a leading fintech company, is making significant strides in its journey towards obtaining a UK banking license. With the completion of its long-awaited 2021 financial accounts, the company is one step closer to achieving this goal. The move comes after a two-year wait, during which the company has been working diligently to demonstrate its readiness and capability to operate as a bank.

Founded by a former derivatives trader and a software developer, Revolut first launched as a prepaid card that offered a more cost-effective alternative to traditional banks, particularly when it came to foreign-exchange fees. Since then, the company has grown exponentially, with a valuation of around $33 billion in its last funding round in 2021, making it the most valuable start-up in Britain at the time.

The publication of these financial accounts will be a crucial step in helping Revolut convince UK regulators that it is ready for a banking license. The company is also likely to opt for an “authorization with restriction” approach, where it will operate with limits on customer deposits before becoming fully operational as a bank after a trial period.

Revolut’s innovative business model has disrupted the traditional banking industry, offering a range of services such as low-cost foreign currency exchange, digital wallets, and peer-to-peer payments. With a banking license, the company will be able to expand its offerings even further, providing its customers with even more convenient and cost-effective financial services.

As the fintech industry continues to evolve, companies like Revolut are leading the way in transforming the way we think about and use traditional banking services. With the completion of its financial accounts and the possibility of obtaining a banking license, Revolut is well on its way to revolutionizing the financial industry and changing the way we bank.

by Paul Britton

Full-time CBG author covering everything from business to wellbeing news, in Cyprus. and abroad.

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