British fintech company with Russian founders Revolut is going apply to the Bank of England for a banking license. Bloomchain.ru reports citing The Sunday Times that Nikolay Storonsky’s company intends to become a fully-fledged bank before the year-end.Since its foundation in 2015, Revolut has worked in UK without a banking license. The startup’s clients can make deposits as the deposits are protected by the financial compensation program due to Revolut’s partnership with Barclays. 28.02.2020 | 12:08 Fintech startup with Russian founders forgoes plans to operate in Russia For provision of lending-related services Revolut cooperates with p2p platform Lending Works.In 2018, the Bank of Lithuania granted Revolut the Europan banking license. As UK has been part of EU until recently, it was enough for Revolut, but the Lithuanian license will become invalid after Brexit. That is why the startup is going to apply to the Bank of England.The partner of Fintech section is Tweet Views 20540