Klarna competitor Revolut on the
Photo: Tomas Oneborg/SvD/TT

Klarna competitor Revolut on the verge of obtaining a UK banking license

The British fintech company Revolut, one of the major competitors of the payment group Klarna, is on the verge of obtaining a UK banking licence, reports the Financial Times.

The newspaper's sources state that as soon as the British license is in place, Revolut will also seek to obtain a banking license in the large U.S. market.

The information has not been confirmed by either Revolut or the British financial authorities, who are reviewing Revolut's application.

Revolut offers banking services and payment solutions via a mobile app, and also provides stock trading, cryptocurrency transactions and insurance products, among other things.

Stockholm-based competitor Klarna has a Swedish banking license and has recently added various banking services to its buy-now-pay-later offering for online shopping.

In this story
AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers

What do you think?

Keep readingmore from Business

All