Revolut Secures New Banking Licence, Accelerates European Expansion

Revolut has secured a new full-fat banking licence from the European Central Bank, allowing it to expand its operations across Europe. The fintech giant currently serves over 30m customers in Western Europe and operates under Revolut Bank S.A, which was granted the licence by French regulators.

The company will now accelerate its push into other European markets, including Germany, Ireland, Italy, Portugal, and Spain, following a previous friction with the prudential regulator. Revolut's founder, Nik Storonsky, stated that the licence 'gives us the foundation to build the next generation of banking.'

The new approval comes after Revolut faced regulatory issues last year when its permission to release new products across the European Economic Area was temporarily suspended by the ECB.