Revolut awarded full-fat European banking licence

Revolut is moving beyond digital wallets and into traditional banking territory. The fintech giant has secured a full European banking license from French and European regulators. For retailers, this is a signal that more competitive consumer lending is coming. This license allows Revolut to offer complex credit products directly from its own balance sheet rather than relying on third-party banks. This usually leads to faster approval times and better rates for your customers. If you have international customers or operate in the EU, expect Revolut to push more aggressive Buy Now, Pay Later (BNPL) and personal loan options at the point of sale. They currently serve over 45 million customers globally. Their goal is to become a 'super app.' This means they want to handle everything from a customer's daily coffee purchase to their major furniture or medical financing. As Revolut gains more power, traditional banks will likely have to lower their merchant fees or improve their technology to keep up. This competition is good news for your margins and your customers' wallet share.

Source: Finextra — Lending

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