London-based fintech startup, Revolut, has announced that it plans to create a financial super app and has submitted its application for a bank licence in the UK to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
What happens if the licence is approved?
If the application goes through, Revolut will be able to provide full-service current accounts with essential products such as overdrafts, loans and deposit accounts to its customers. The company’s previous personalised products include commission-free stock trading, cryptocurrency trading, savings wallets, junior accounts, and rewards.