Big Milestone for Revolut as It Finally Receives UK Banking License
![Big Milestone for Revolut as It Finally Receives UK Banking License](/content/images/size/w1200/2024/07/pixelcut-export-2.jpeg)
TGIF!
Revolut, the London-based FinTech company, has finally secured a UK banking license from the Prudential Regulation Authority. This achievement concludes a three-year regulatory journey, significantly elevating Revolut’s status in its home market.
The company announced on Thursday that the newly acquired banking license comes with certain restrictions, enabling it to gradually develop its banking operations before a full launch.
Nik Storonsky, Revolut's Chief Executive, expressed his pride in reaching this crucial milestone, stating, "We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers."
Founded in 2015, Revolut boasts approximately 9 million customers in the UK and over 45 million globally. The company was last valued at $33 billion during a 2021 fundraising round.
Currently, Revolut is in discussions to sell about $500 million worth of shares, which could raise its valuation to around $40 billion, solidifying its position as Europe’s most valuable startup.
Enjoy your weekend and I'll be back in your inbox with more news on Monday!
Cheers,
Stay on top with daily updates and breaking news on my new Telegram channel. Sign up now to get essential insights and engage with fellow enthusiasts!
![](https://www.connectingthedotsinfin.tech/content/images/2024/07/Telegram-Banner-2-12.png)
#FINTECHREPORT
📊 2024 Global Ecommerce Report by Boku. "The Changing World of Payments." Check out the full report here
INSIGHTS
🎮 Xbox players are the credit-card industry’s next big thing. Videogames offer one way to reach a millennial audience. Many are keen gamers, playing on Xbox, PlayStation and on their mobile phones with games such as Candy Crush Saga. Gamers’ average age is 36, according to the Entertainment Software Association, a trade group.
FINTECH NEWS
🇺🇸 Marqeta becomes first issuer processor in the US certified to enable Visa Flexible Credential. Working with Visa and Affirm, Marqeta will enable a flexible payment experience for consumers by providing access to different funding sources on one payment card for the first time.
🇺🇸 Sage integrates with Stripe to improve cash flow management for SMEs. Through this partnership, Sage intends to expand its payments ecosystem, ensuring that a growing number of its customers have access to services that will help them to manage their cashflow.
🇬🇧 EToro adds 1000 UK stocks to trading platform. eToro users will also now have access to higher quality data supporting them to make informed investment decisions. The additional stocks will be added to the platform in a phased approach over the coming months.
🇬🇧 Weavr announced that it has acquired a European e-money licence. This licence is significant for both Weavr and the embedded finance industry as it aids the expanded adoption of embedded finance by B2B SaaS businesses.
🇧🇷 FinTechs IP4Y and Zro Bank authorized by Central Bank to operate as Payment Institutions in Brazil. The license is in the form of an electronic money issuer. More on that here
PAYMENTS NEWS
🇦🇪 Visa and First Abu Dhabi Bank collaborate on expansion of B2B Connect network. The collaboration aims to enhance corporate cross-border payments, allowing businesses in the UAE to conduct secure and efficient transactions worldwide.
🇺🇸 Thredd signs US processing agreement with Google-backed Spendbase. This collaboration marks Thredd’s second U.S. client and signals Spendbase’s market expansion into North America. Continue reading
OPEN BANKING NEWS
🇧🇷 Brazilian FinTech company Delend has received the IP/ITP license from the Central Bank of Brazil. With this authorization, the startup can now integrate into the BC# agenda and operate as a payment institution, specifically as a payment transaction initiator, integrating into the Open Finance ecosystem and initiating payments via Pix.
🇬🇧 TotallyMoney launches Open Banking Insights Tool, to help UK’s 23m under-served adults improve their affordability and access better offers. The launch of this new feature marks the FinTech's third open banking use case, expanding financial services beyond credit report data. Read on
DIGITAL BANKING NEWS
🇬🇧 Current Account Switch Service records 1.4 million switches in past 12 month. The Current Account Switch Service facilitated 1,411,553 switches in the past 12 months, up 10% from the 1,277,484 switches recorded in the 12 months prior.
🇬🇧 Kroo clarifies transaction data with Snowdrop geolocation tech. This strategic collaboration brings enhanced user experience to the forefront of Kroo's mobile banking app. Users can now easily see where they spend their money thanks to transaction location powered by Google Maps.
🇬🇧 UK neobank app users are on track to surpass legacy banks for the first time by Q1 2025, according to research conducted on the Google Play Store by SplitMetrics. Following a strong first half to 2024, UK neobanks are now only six million users behind legacy banks with an estimated 62 million lifetime Google Play Store app downloads, compared to the 68 million for UK legacy banks.
🇽🇰 Cash Plus has gone live with Profile Software’s Finuevo Suite to address its end-to-end loans management needs comprehensively and provide full online services to its clients. Finuevo Suite is an advanced solution that covers end-to-end the entire range of financing processes.
🇯🇲 First Global Bank partners with Profile Software for its banking solution. Profile announced the implementation of its Smart Banking solution, Finuevo Suite, at First Global Bank. The solution meets the bank’s need for a modern end-to-end solution, providing front-end, digital onboarding and loan origination facilities
🇮🇱 Bank of Israel selects 14 teams to present use cases for digital shekel. The teams that proposed use cases in an initial challenge conducted earlier this year represent veteran financial companies, FinTech firms, technology firms, and private teams.
🇬🇧 FCA finalises access to cash rules. Banks and building societies will need to weigh up if local communities lack access to cash services, like branches and ATMs, and plug significant gaps, under new rules from the Financial Conduct Authority (FCA).
🇺🇸 U.S. Bank, in partnership with Billtrust, has introduced a comprehensive accounts receivable (AR) platform to help suppliers accelerate cash flow, cut costs, and enhance payment experiences. The launch of U.S. Bank Advanced Receivables supports senior finance leaders' increasing focus on operational efficiency.
BLOCKCHAIN/CRYPTO NEWS
🇱🇺 Bitstamp to restore crypto assets to Mt. Gox creditors. Bitstamp received Bitcoin, Bitcoin Cash, Ethereum from Mt. Gox trustees, which will begin to distribute to Bitstamp customers from today (July 26). Recipients will have full control of their assets within a week of receipt following the completion of security checks.
DONEDEAL FUNDING NEWS
🇩🇪 bunch raises $15.5M for its platform that simplifies investment management for VCs. The platform lets investors store private market data points, access to up-to-date information, automate workflows, and run pre- and post-close services.
🇬🇧 FinTech acceleration partner archie adds ekko and wamo to portfolio. A new FinTech "acceleration partner" chaired by Atom and Metro Bank co-founder Anthony Thomson has added its first two portfolio companies, backing SME banking and payments firm wamo and climate-focused outfit ekko.
🇬🇧 UK-based pensions FinTech Jarvis has raised £1.8 million in seed funding. Jarvis is an auto-enrolment workplace pension provider that integrates with payroll systems through an API, providing straightforward reconciliation of payroll data.
🇺🇸 Curql, a collective of credit unions jointly investing in FinTech, has added ModernFi to its investment portfolio. ModernFi’s solutions help credit unions strengthen their deposits, membership, relationships, stability, and, ultimately, their mission.
M&A
🇺🇸 Fortis acquires MerchantE’s NetSuite division. This strategic addition will help customers enhance the efficiency of their payment operations and accelerate the deployment of new, embedded financial and commerce enabling services.
🇿🇦 SA FinTech Peach Payments acquires software firm Operativa. The firm stated that it wanted to use the Fund's investment to accelerate its expansion into new African markets, broaden its product offering, and strengthen its core merchant value proposition.
🇳🇬 Risevest in talks to acquire Kenya’s Hisa. If the deal goes through, the acquisition will enable Risevest, founded in 2020, to expand to Kenya. It will be the Nigerian startup’s second acquisition after it acquired digital trading startup Chaka in September 2023.
MOVERS & SHAKERS
🇺🇸 PayPal Appoints Enrique Lores as New Independent Board Chair. “Enrique's deep expertise in consumer and enterprise technology has been invaluable to PayPal,” said Alex Chriss, President and CEO of the firm. Keep reading
🇺🇸 Temenos, the banking software company, announced two key executive appointments to accelerate business growth and capture the market opportunity in SaaS and in the US. Isabelle Guis has joined as Chief Marketing Officer and member of the Executive Committee. In addition, Monty Bhatia is appointed Executive Vice President (EVP) of Global Alliances and Partner Ecosystem.
🇺🇸 Nova Credit adds Credit Karma co-founder Nichole Mustard to board. Nichole will help guide the company’s strategy to enable responsible business growth and insights for its clients by harnessing the power of consumer credit data, helping expand credit access in the process.
Want your message in front of 100.000+ FinTech fanatics, founders, investors, and operators?
Shoot me a message on LinkedIn or send me an e-mail.
![](https://www.connectingthedotsinfin.tech/content/images/2024/06/1712891764907-12.png)
Comments ()