At the end of the year if all goes well:
The cash-transfer app currently works with banks such as Barclays to hold deposits — an arrangement that means customers are not covered by the Financial Services Compensation Scheme, which protects amounts of up to £85,000. Revolut also relies on a partner, Lending Works, to offer fast credit to customers.
A UK licence would allow Revolut to hold deposits on its own balance sheet and to make direct loans, helping to boost returns.