Revolut don’t currently have a UK license. So they are not a bank in the UK - spiritually or otherwise.
Revolut do not need a UK licence to operate as we’re allowed to have a Lithuanian bank account under EU law. They simply have to offer their service here and its fine.
So help me here: why would they pursue a UK banking license in the future?
(And Revolut are recently quoted as saying “we are not a bank”.) Indeed…
Clearly treading cautiously.
Because Brexit will only allow companies on EU licences to function within the transition period, during which they would apply for a UK banking licence.
They have a banking licence and are therefore a bank - whether they make use of the licence is irrelevant. If I have a shop with all the facilities to make pizza but it didn’t actually get used, you’d still call it a pizza shop.
To avoid giving people the misrepresentation that they’re FCFS covered - I mentioned specifically that they’re a bank now, but money is being stored with Lloyd’s until they’re ready.
Much of your post makes little sense, I’m afraid. Much of it is supposition and the pizza analogy really is nonsense.
Try your logic on one of the other forums. I’d be interested to get their take on it.
Read it again, it makes perfect sense. As for analogies, they’ve never been my strong point.
Banned from the Monzo forum (because a post edit didn’t clarify my position enough, I’m waiting for my attempted appeal to be thrown back at me), don’t intend to start making arguments that are out of place on the other.
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This is a great idea.
Any updates on IFTTT support?
This would be awesome!!