Revolut moves into US and UK online banking race

Theasianbankersg07 Apr, 2021Finance

Revolution aims to capture a share of the highly competitive US online financial market by applying for a banking licence. The path to a licence could be a long and expensive one. The newcomer is up against significant competition such as Varo that has been operating in the country for a decade and boasts of having nearly two million accounts to date. It took three years for Varo to get approval of its banking licence. Chime, an American technology neobank company which provides fee-free financial services through a mobile app, has an estimated 12 million customers in the country.