Revolut's pursuit of this license spanned three years due to hurdles, enabling it to offer loans, overdrafts, and be covered by the Financial Services Compensation Scheme in the UK.
Valued at $33 billion, Revolut's banking license marks an important milestone, allowing it to expand beyond its European license and directly compete with UK banks.
Revolut, initially a money transfer service, now serves 45 million customers globally, offering diverse financial services and generating substantial revenues and profits.
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