Revolut is considering applying for a UK banking licence, enabling it to offer FSCS-protected deposits and lending services.
The digital challenger bank was granted a European banking licence by the Bank of Lithuania in 2018, but in the UK has operated as an authorised e-money institution.
Last month, the business raised £387 million in Series D funding, making it the UK’s most valuable FinTech with a valuation of £4.2 billion.
Founded in London in 2015 by Nik Storonsky as a pre-paid foreign exchange card and app, the startup has rapidly expanded into current account, business banking, loans and cryptocurrency products.
Despite having 10 million customer accounts and 23 offices worldwide, the company has yet to turn a profit, and registered a pre-tax loss of £33 million in 2018.
Earlier this month, Revolut recruited former Goldman Sachs International co-chief executive Michael Sherwood as a non-executive director, and experienced retail banker and former chief risk officer Ian Wilson as non-executive director.
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