Praveen Paranjothi on Newnex: 2024 is a good year for Revolut. After…

2024 is a good year for Revolut. After reporting £500m+ profits…

Praveen Paranjothi · 2024-07-25T09:22:07.000Z

2024 is a good year for Revolut. After reporting £500m+ profits, Revolut finally got its UK banking license after a 3-year wait. The Prudential Regulation Authority issued the license with some restrictions, allowing Revolut to enter the "mobilization stage." This stage, which can last up to a year, permits the company to hold a maximum of £50,000 in total customer deposits. This step is typical for new banks in the UK as they transition to full operational status https://www.cnbc.com/2024/07/25/revolut-clinches-uk-banking-license-ending-three-year-wait.html

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Praveen Paranjothi on Newnex: 2024 is a good year for Revolut. After…