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Don't all these new online banks (Wise, Revolut, etc) get UK bank license and then operate in the entire EU (although UK is no longer in the EU)?
by sschueller 5y ago
Don't all these new online banks (Wise, Revolut, etc) get UK bank license and then operate in the entire EU (although UK is no longer in the EU)?
- alibarber 5y agoI don’t know of any that will extend credit across the whole EU. The closest service I have gotten to this was (also not exactly an EU company) American Express - but that was still two different legal entities.
- rgallagher27 5y agoA lot of Fintechs get their banking license in Lithuania now for the EU
- fumblebee 5y agoAs another commenter mentioned, for the EU many fintechs will opt to get a banking license in Lithuania. For example, Revolut is a bank in the EU via a Lithuanian banking license, but only an "e-money institution" in the UK (though the application to become a British bank -- and for that matter, an American bank, and other jurisdictions -- is in progress). Monzo is a UK bank, but opted to cancel their US banking application, and I don't believe is an EU bank either (someone please fact check me here!)