Revolut gets approval in the UK
Revolut gets approval in the UK
Crypto

Revolut gets approval in the UK

By Vincenzo Cacioppoli - 28 Sep 2022

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Revolut, recently valued at $33 billion, has received approval to operate in the United Kingdom.

UK approves the Revolut financial platform

The approval came about 6 months after the application submitted by Revolut, the new and innovative digital bank which closed a funding round led by SoftBank and Trigger Global months ago and raised $800 million, bringing the company’s listing to about $33 billion, up 6-fold from the $5 billion valuation in 2021.

The company, which is set to become one of the largest fintechs in the United Kingdom after gaining approval to operate within the European Union months ago, has finally obtained approval from its home country of Britain.

Launched in the UK in 2015, Revolut offers money transfer and money exchange services. Today, more than 20 million of its retail customers worldwide use dozens of Revolut’s innovative products, including peer-to-peer payments, Saving Vaults, Junior, Stays, and Trading.

In the past twelve months, Revolut has launched a number of new features including On Demand Pay in the UK, personalized loans in Ireland, and has been named as one of TIME’s 100 most influential companies. With services in 36 countries, Revolut is looking to expand into new markets including India, Mexico and Brazil, according to the company website.

It was precisely the difficulties in obtaining a license to operate in the United Kingdom that resulted in several top executives leaving the fintech in recent months. And earlier this year, Revolut CEO and co-founder Nik Storonsky sharply criticized the Financial Conduct Authority (FCA) for the inexplicable delay in granting it a UK banking license, telling CityAM that the FCA is “slower than other regulators.”

In this regard, Storonsky stated:

“We applied for 48 licences across the globe and we received 44, and three of the licences that we haven’t received are actually in the UK.”

Revolut’s plans and vision

But the company’s ambitious plans have certainly not stopped, quite the contrary. In the past month, the company has produced a commercial promoting its business. The TV spot was directed by Craig Gillespie, who has directed such films as “Cruella” and “I, Tonya,” and was shot by young photographer Aidan Zamiri, who has worked with artists such as FKA Twigs. 

In addition to the commercial, the ads will appear on billboards, Revolut’s social media pages, digital marketing channels, and podcasts. The campaign was reportedly launched to celebrate reaching the considerable figure of 5 million customers in the UK and 20 million customers worldwide.

And it is clear that now, with this new license obtained from Britain, which in recent months had banned the world’s first exchange Binance from operating, top management is convinced that these important numbers can still grow.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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