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They have a European banking licence, but from what I understand, they operate as an "electronic money institution" [1][2] in the UK. [1] https://blog.revolut.
by ValentineC 8y ago
They have a European banking licence, but from what I understand, they operate as an "electronic money institution" [1][2] in the UK.
[1] https://blog.revolut.com/how-emoney-companies-are-growing-up/ https://blog.revolut.com/how-emoney-companies-are-growing-up...
[2] https://www.fca.org.uk/firms/electronic-money-payment-institutions https://www.fca.org.uk/firms/electronic-money-payment-instit...
- richardknop 8y agoYes. They only got the EU banking license in December. It will take at least 1-2 years before they become a bank. They will start in Estonia and then passport their banking license to other countries, eventually to UK, too. For now they are still using LLoyds bank account to hold all customer money in UK and are electronic money institution.