Licensed Bank in the EU: Revolut holds a European banking license from the Bank of Lithuania. This allows it to operate as a bank in several EEA (European Economic Area) countries, offering deposit protection under the EU Deposit Guarantee Scheme (up to €100,000).
EMI in Some Countries: In other parts of Europe, Revolut still operates as an Electronic Money Institution (EMI) rather than a full-fledged bank.
UK Status: Revolut is not yet a bank in the UK. It operates under an EMI license regulated by the Financial Conduct Authority (FCA) but has applied for a UK banking license.
Licensed Bank in the EU: Revolut holds a European banking license from the Bank of Lithuania. This allows it to operate as a bank in several EEA (European Economic Area) countries, offering deposit protection under the EU Deposit Guarantee Scheme (up to €100,000).
EMI in Some Countries: In other parts of Europe, Revolut still operates as an Electronic Money Institution (EMI) rather than a full-fledged bank.
UK Status: Revolut is not yet a bank in the UK. It operates under an EMI license regulated by the Financial Conduct Authority (FCA) but has applied for a UK banking license.