Revolut announced that it has secured a UK banking license, enabling the launch of Revolut Bank UK which will offer deposit accounts.
Deposits up to 120,000 GBP will be safeguarded by the Financial Services Compensation Scheme (FSCS), similar to US FDIC insurance.
The company is also pursuing a federal banking charter in the US and aims to expand its services, reflecting a growing trend of fintech merging with traditional banking.
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