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Revolut Secures UK Banking License, Eyes US Expansion
Description
Revolut, a fintech valued at $75 billion, has secured a full banking license in the UK and is celebrating with a black-tie event. CEO Nik Storonsky is pushing for a US license and plans an IPO with a $200 billion valuation. Revolut has 70 million customers and $1.7 billion in pretax profits, primarily from fees on crypto trades and foreign exchange. Despite criticism for lacking in core banking, investors remain bullish, seeing Revolut as a potential European hyperscaler set to disrupt lending. With the UK license, Revolut is expanding into credit cards, overdrafts, and business loans to attract more deposits.
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