At a time when firms across industries are reeling under the adverse effects of inflation and geopolitical tension, one of the first neobanks, Revolut, has remained committed to its mission of unlocking the power of a borderless economy for everyone. Be it acquiring licenses in foreign markets or announcing expansions in new regions along with regular updates to its product suite, Revolut has strongly backed up its claim of being a global financial super app. From British Neobank to Global Challenger BankSince its inception, Revolut has operated as an e-money institution in multiple countries. It still continues to operate with an e-money license in the UK and also relies on it to serve business customers in Europe. Revolut obtained a European banking license in 2018 from the Bank of Lithuania and has been relentlessly executing its aggressive expansion strategy. Post-pandemic, the digital bank filed paperwork with the Financial Conduct Authority and the Prudential Regulation Authority in the UK and with the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation in the US, seeking a banking license. These ambitious advancements align with company CEO Nikolay Storonsky’s statement, “generally in each country where we expand, we’re going […]