Does anyboody know how the banking licence is coming along? The latest article I could find is from January
It’s on its way but taking time. Issued in Lithuania.
Where it issued shouldnt matter, should it?
But anything more detailed than “on its way”? Weeks, months … years ? What is most likely, within the next three months, half a year, …
As far as I read earlier it can take up to 6 months to get it. Just mentioned Lithuania so you shouldn’t worry about Brexit😀
You might want to check out Revolut’s blog post about this. I doubt you will get anything more definitive about this before they will be able to share something, well, definitive. So after you’ve learned about timelines for CHF IBANS and the banking license: aren’t you curious about Apple Pay?
Well, now that you have mentioned it …
And they applied in December, right? So it could take up to mid-2018 then
As for Brexit, lets wait how this is really going to pan out … thanks anyway
According to what I read,
The licence is applied through a single European country via European Central bank and it can then be passported across Europe!
It’s hard to provide a specific time frame!
How long did an application take with other banks from the time of the filing on average? Is the mid-2018 guess above a lot off or somewhat accurate?
2–3 years, which is why fintech banks like N26 and Monzo originally started (like Revolut) as an e-Money Institution.
The central bank of Lithuania appears to be more agile, but nevertheless, the process is probably take 1–2 years.
Given how they announced their intentions to apply back in mid-2017, they’re probably mid-way/near the end of the authorisation process.
This is not like buying a pre-fab house. Every applicant is different.
There’ll be differences but the overall procedure and regulations will be the same and thats why I asked “on average”.
However @capital’s answer was good enough for me. Based on it I wouldnt expect a banking licence too soon but probably end 2018, mid-2019. Might be earlier of course but I kind of postponed my expectations from “soon” (= March or April) to some point in that future :).
It took 9 months for N26.
Thanks for the info, though I still expect it to take a while - should it be faster I definitely wouldnt mind though