{"id":15383,"date":"2024-07-25T09:29:00","date_gmt":"2024-07-25T09:29:00","guid":{"rendered":"http:\/\/TheNextWeb=1408798"},"modified":"2024-07-25T09:29:00","modified_gmt":"2024-07-25T09:29:00","slug":"revolut-wins-uk-banking-license-as-neobanks-take-on-the-establishment","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=15383","title":{"rendered":"Revolut wins UK banking license as neobanks take on the establishment"},"content":{"rendered":"\n

Revolut has finally won a UK banking licence, intensifying the neobank threat to traditional finance.<\/p>\n

The breakthrough ends a painful wait for Europe\u2019s most valuable fintech<\/a> firm, which first applied for a licence in January 2021.<\/p>\n

Regulators were reportedly<\/a> concerned about Revolut\u2019s accounts, but politicians offered vocal support. Jeremy Hunt, the former chancellor, called the company a \u201cshining example from our world-beating fintech sector.\u201d<\/p>\n

With the new license, Revolut can push that sector further into mainstream finance. But first, the company must complete a \u201cmobilisation stage,\u201d designed for testing systems before a full launch. According to the Bank of England<\/a>, this stage can take \u201cas little as a few months\u201d and \u201cno longer than 12 months.\u201d<\/p>\n

\n
\n
<\/div>\n

\n

The <\/p>\n

The latest rumblings from the EU tech scene, a story from our wise ol’ founder Boris, and some questionable AI art. It’s free, every week, in your inbox. Sign up now!<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Once mobilisation is complete, the full rights will be granted. Revolut can then provide overdrafts, loans, and savings products \u2014 just like traditional banks. The company\u2019s 9 million UK customers will also gain protection on deposits of up to \u00a385,000.<\/p>\n

Nik Storonsky, CEO of Revolut, called the license an \u201cimportant milestone in the journey\u201d of his firm.<\/p>\n

\u201cWe will ensure we deliver on making Revolut the bank of choice for UK customers,\u201d he said.<\/p>\n

The license also brings broader legitimacy to British neobanks. With a $33bn valuation, Revolut is already worth as much<\/a> as many traditional banking giants. The disruptor is now reportedly<\/a> near a new valuation of $45bn, which would push it above Barclays and NatWest<\/a>.<\/p>\n

Despite these heady numbers, rival neobanks have been faster to win UK banking licences. The likes of Monzo<\/a>, Starling, and Atom received the approval years ago.<\/p>\n

By joining these challengers, Revolut can accelerate its push into mainstream finance. Britain\u2019s banking establishment is getting a reshuffle.<\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Revolut has finally won a UK banking licence, intensifying the neobank threat to traditional finance. The breakthrough ends a painful wait for Europe\u2019s most valuable fintech firm, which first applied for a…<\/p>\n","protected":false},"author":1,"featured_media":15384,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/15383"}],"collection":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15383"}],"version-history":[{"count":0,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/15383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/media\/15384"}],"wp:attachment":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}