Fintech startup Revolut has applied for a banking licence in the US and UK in a bid to make inroads into the online banking business in the two economies.
March 31, 2021 | Dandreb Salangsang- The company targets share of competitive US online financial services
- Operations ceased in Canada more than a year after the launch of its beta product in 2019
- It seeks a full banking licence in the UK to grow its business
Revolut, a financial technology (fintech) company that provides money transfer and exchange services, announced its business offerings in the US following the suspension of its operations in Canada. The fintech startup filed for a bank licence in the United Kingdom.
The company targets share of competitive US online financial services
Revolut aims to capture a share of the highly competitive US online financial market by applying for a banking licence. The path to a licence could be a long and expensive one. The newcomer is up against significant competition such as Varo that has been operating in the country for a decade and boasts of having nearly two million accounts to date. It took three years for Varo to get approval of its banking licence. Chime, an American technology neobank company which provides fee-free financial services through a mobile app, has an estimated 12 million customers in the country.
Once its application is approved, the company can operate as an independent bank. This will lessen reliance on third-party financial institutions and allow it to provide deposit-taking, custody, and fiduciary services. Its services include accepting credit card payments directly in real-time. Companies can sign up for multi-currency accounts, issue physical and virtual corporate cards, and make no-fee cash transfers in 29 currencies. It also offers a free disposable virtual card that automatically destroys the personal information used for online transactions and generates new details in the app.
Operations ceased in Canada more than a year after the launch of its beta product in 2019
Barely a week before it announced its e...
Categories:
Keywords:Online Banking, Mobile Banking, Neobank, Digital Payments
Fintech startup Revolut has applied for a banking licence in the US and UK in a bid to make inroads into the online banking business in the two economies.
March 31, 2021 | Dandreb Salangsang- The company targets share of competitive US online financial services
- Operations ceased in Canada more than a year after the launch of its beta product in 2019
- It seeks a full banking licence in the UK to grow its business
Revolut, a financial technology (fintech) company that provides money transfer and exchange services, announced its business offerings in the US following the suspension of its operations in Canada. The fintech startup filed for a bank licence in the United Kingdom.
The company targets share of competitive US online financial services
Revolut aims to capture a share of the highly competitive US online financial market by applying for a banking licence. The path to a licence could be a long and expensive one. The newcomer is up against significant competition such as Varo that has been operating in the country for a decade and boasts of having nearly two million accounts to date. It took three years for Varo to get approval of its banking licence. Chime, an American technology neobank company which provides fee-free financial services through a mobile app, has an estimated 12 million customers in the country.
Once its application is approved, the company can operate as an independent bank. This will lessen reliance on third-party financial institutions and allow it to provide deposit-taking, custody, and fiduciary services. Its services include accepting credit card payments directly in real-time. Companies can sign up for multi-currency accounts, issue physical and virtual corporate cards, and make no-fee cash transfers in 29 currencies. It also offers a free disposable virtual card that automatically destroys the personal information used for online transactions and generates new details in the app.
Operations ceased in Canada more than a year after the launch of its beta product in 2019
Barely a week before it announced its e...
Categories:
Keywords:Online Banking, Mobile Banking, Neobank, Digital Payments