Remember the Icelandic Bank collapse? Roll up, roll up....

[JohnD]

"Last week, London-based Revolut, one of the fastest-growing smartphone-based banking services in the UK, announced it had obtained its European banking licence and will start accepting deposits as it “edges further towards its goal of becoming the Amazon of banking”. Revolut is based in London’s Canary Wharf, here so you might expect its licence would come from the nearby Bank of England. But no, the new licence is from the Bank of Lithuania.


Already Revolut has 3 million customers. That’s more people than the entire population of Lithuania – and it transacts more business every year than Lithuania’s entire GDP..."

"...Revolut customer deposits will be dependent on the Lithuanian scheme’s capacity to pay up."

https://www.theguardian.com/money/2018/dec/22/lithuania-iceland-banking-revolut

 

[EFLImpudence]

What is a "smartphone based banking service" as opposed to a normal bank account that you can access on a smartphone - or any other device?

 

[JohnD]

I expect they mean you can primarily access it through an app (and perhaps in no other way).

 

[ReganAndCarter]

JohnD is demonstrating his hatred of Lithuanians.

 

[Notch7]

You need to put the blame on EU's free movement of bank licencing (passporting) then.

I expect Juncker is getting a cut.

 

[ban-all-sheds]

You need to put the blame on EU's free movement of bank licencing (passporting) then.

I expect Juncker is getting a cut.

You need to have your random word generator serviced - it's outputting stuff which makes no sense.

 

[ban-all-sheds]

What is a "smartphone based banking service" as opposed to a normal bank account that you can access on a smartphone - or any other device?

Maybe it uses the mobile phone network for transactions, not the banking one, like Vodafone's M-Pesa does?

I'm sure that if you go to Revolut's website you can find out a lot more effectively than asking here....