It is difficult to get a backing licence in the UK, though. OpenBanking is tangential to this and you still need regulatory approval (min £50k and several month

It is difficult to get a backing licence in the UK, though. OpenBanking is tangential to this and you still need regulatory approval (min £50k and several months of paperwork). Monzo spent a long time as a card provider only, while working to obtain their licence. Revolut has been operating for years and only just got their European banking licence four days ago. Other UK bank newcomers have bought smaller, established banks just for the licence; Aldermore bought Ruffler Bank mostly for its licence.