Revolut obtains UK bank license, teases upcoming services

The financial tech company was granted a full UK banking license on Wednesday and has also applied for a federal bank charter in the United States.

Financial technology company Revolut announced on Wednesday that it has launched a bank in the United Kingdom after receiving regulatory approval from the Prudential Regulation Authority (PRA), a banking and financial services regulator.

Revolut Bank UK will begin offering deposit accounts for individuals and businesses, with eligible deposits up to 120,000 British pounds ($160,958) protected by the Financial Services Compensation Scheme (FSCS), according to the company’s announcement. 

The FSCS offers a safety net for customer deposits at banks and other financial institutions, similar to the Federal Deposit Insurance Corporation (FDIC) insurance for US bank deposits up to $250,000. 

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