Up until this point, Revolut already solved a lot of gripes of traditional banking apps. For one, it was easy to use and it’s effortless to transfer money to people. They wanted to have one app where you could control every aspect of your financial life. Now it’s one step closer, as the 13th of December, Revolut announced that it won an EU Banking Licence. So, how does this change things?
What will this mean for Revolut now?
That means you will soon be able to deposit your salary directly in your Revolut account which will be protected up to €100,000 under the European Deposit Insurance Scheme. They are also working on an in-house payment processor giving them further control, and as a result, fewer disruptions for the user.
Perhaps the biggest change, however, is that Revolut will offer both personal, and business loans across the EU at competitive rates. The intention is to make applying and receiving a loan a streamlined process, removing the bulk of the bureaucratic red tape. You will also have overdrafts in your account if you need a small cash injection before payday.
Obviously, the full benefits won’t be available overnight. Over 2019, Revolut will start rolling out its banking services across Europe, starting with Lithuania. The aim is to have full current accounts, with consumer lending and commission-free stock trading across Malta.
Are you excited for Revoluts new features? Let us know in the comments below.