Revolut is Now a Licensed Bank 🎉

London-based Revolut has announced its application for a European banking license has been approved by the European Central Bank. That being said, being granted a license doesn’t turn Revolut into a bank immediately. “In the coming months, we’ll be doing a lot of building and testing behind the scenes, and working closely with the regulators to have any restrictions on our license removed, so that we can launch full current accounts, overdrafts and everything else you’d expect from a bank.”

Soon time to say goodbye to my swedish bank? 🧐

— Daniel Eliasson (@brascelido) December 13, 2018

In the future, users that choose to open a full current account with Revolut Bank, * will be protected up to €100k under the European Deposit Insurance Scheme (EDIS), * will have access to overdraft facilities and personal loans, and the Revolut Bank will support UK Direct Debit, “for paying anything from your gym membership to your electricity bill.”

Last, Revolut will start by testing the new license in Lithuania next year.

Bottom Line: a fintech-slash-insurtech player that considers Athens-based digital-first insurer Hellas Direct and White Horse Insurance Ireland partners.