British fintech startup Revolut said on Thursday it had received a restricted preliminary banking license, ending a three-year wait. Francesca Carlesi, Revolut UK CEO, said in a statement:
"Today's announcement is a significant step forward for Revolut and our customers. As a UK bank, we have great responsibilities and we will work tirelessly to deliver products and services that improve the financial lives of everyone who uses Revolut."
The license is a boost for Revolut, which is seeking a valuation of more than $40 billion through a planned stock sale. This valuation would solidify its position as Europe's most valuable startup.