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Category: Challenger Bank News

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Revolut chief hopes for banking license by start of 2022


Revolut chief hopes for UK banking license by start of 2022

Nik Storonsky Chief executive of the London-based digital banking app Revolut says lack of liquidity remains a hurdle for London listings, he hoped to secure a UK banking license early in 2022.

“We are getting closer, especially with the UK banking license,” said Storonsky at the FT’s Global Banking Summit. “And we are about to submit our full US banking license application, hopefully in the first quarter.”

In October, Monzo withdrew its application after regulators said it was unlikely to be approved.

Acquiring a banking license was an important move to Revolut to build consumer trust.

Nick said, “A lot of consumers trust banks rather than fintechs so the UK and US bank license will increase trust and business metrics.”

In July, an $800m fundraisings gave Revolut a $33bn valuation, making it the biggest private technology company in British history which would mean that Revolut would be one of the most valuable companies ever to join the London Stock Exchange.

“Obviously, if a stock market in the US is 100 times larger compared to the UK then it might be the primary reason why a lot of companies choose to list in the US.”

In March and April, 2020 revenue fell by 40%, and the company significantly outperformed its pre-Covid performance in terms of gross profit growth and entered new businesses.

“We were all thinking initially it was scary but overall it was very positive for the company,” he said.

He also dismissed the attempts of JPMorgan and Goldman Sachs to compete for younger customers by offering more digital products. “They are not even in the top 50 providers,” he said.

Storonosky said “certain legacy banks become faster” but claimed they were “still not innovative enough”

He added that he had witnessed a trend of disruption amongst other fintech and had “decreased” their offering.

Revolut had been fortunate to enter the crypto products market in 2017, ahead of most competitors.

Nick concluded by saying “Now it’s very popular. We will continue to invest [in crypto] because it means the more revenues and gross profits the business makes, the more it makes sense to invest and go deeper into the product.”

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Revolut Teen Banking App

Photograph: Dado Ruvić/Reuters

Revolut Junior is an app designed for children in mind, aged six to 17, and is an extension of the parent’s Revolut account.

Revolut is one of the fastest-growing banking apps that is letting its teenage customers make contactless payments using their iPhone or Apple Watch.

With almost 4 million users in Britain, 16 million globally, and with more than 200,000 teenage users in the UK. A Revolut spokesman said its Junior account holders in the UK and Europe can now make use of Apple Pay.

The company offers a bank-style account with a debit card, plus a range of other financial services. This will encourage teens to be more security conscious and will allow for payments to be processed contactless other than “adult retailers”, such as off-licenses and betting shops.

Apple Pay requires having an Apple ID; in the UK, teenagers from the age of 13 can sign up for one. Apple Pay for teens “simplifies payments … and adds an extra layer of safety”.

The company has also said Apple Pay will soon also be available to Junior users in the US, Australia, and Singapore.

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Amazon vs Visa

Amazon vs Visa.

Amazon announced today that as of the 19th January 2022 that they will not be accepting Visa Credit Cards due to the high processing fees.

Statements were made by both parties which read:

Amazon spokesman said, “The cost of accepting card payments continues to be an obstacle for businesses striving to provide the best prices for customers. These costs should be going down over time with technological advancements, but instead, they continue to stay high or even rise. As a result of Visa’s continued high cost of payments, we regret that will no longer accept UK-issued Visa credit cards as of January 19th, 2022. With the rapidly changing payments landscape around the world, we will continue innovating on behalf of customers to add and promote faster, cheaper, and more inclusive payment options to our stores across the globe.

A Visa spokesperson said, “UK shoppers can use their Visa debit and credit cards at Amazon UK today and throughout the holiday season. We are very disappointed that Amazon is threatening to restrict consumer choice in the future. When consumer choice is limited, nobody wins. We have a long-standing relationship with Amazon, and we continue to work toward a resolution, so our cardholders can use their preferred Visa credit cards at Amazon UK without Amazon-imposed restrictions come January 2022.”

Note From the Editor

Consumers have been advised that they need to update their payment methods so as not to have their subscriptions interrupted.

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