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The chance to make a profit from loans and deposit-taking will be a boon for the annually loss-making Revolut in 2021

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Digital bank Revolut said it has applied for a full banking licence in the UK, submitting its application to the Financial Conduct Authority and the Prudential Regulation Authority this month.

The transition to a full licence from its existing e-money permissions will allow Revolut to lend: offering overdrafts, loans and deposit accounts, thus building up a strong source of revenue.

Revolut applies for post-Brexit British banking licence

Emily Nicolle

Barclays

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