Revolut sets sights on full UK banking license to solve the profitability conundrum - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 14 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 51%

Nigeria News News

Revolut is betting that the license will help it unlock primary account status, which is a key driver of profitability

A charter from the OCC enables nonbank financial services firms to expand their range of products and eliminate the costs of partnering with a sponsor bank to hold the deposits, which could be particularly beneficial as the pandemic has diminished the use of physical branches and digital banking penetration is on the rise.

—but a license won't be a silver bullet. A license could give Revolut users the confidence to increase their deposits and conduct more financial activities through the neobank. To lessen their dependence on interchange fees, neobanks are looking to

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines