Revolut boss Nikolay Storonsky has outlined ambitious expansion plans for the payments platform after applying for a banking licence in Britain.
The application to the Bank of England and the Financial Conduct Authority is intended to make it easier to convince customers to deposit their salaries in Revolut accounts.
A Revolut survey found that 50% would be willing to do so if their money were covered by a deposit guarantee scheme. Revolut currently has an e-money licence and holds customers’ funds in big banks, but a banking licence would provide every customer in the UK with £85,000 of cover from the Financial Services Compensation Scheme.
Storonsky, 36, co-founded the business in 2015 as a global money transfer platform. The app now has a range of