Revolut announced that the ECB has approved the challenger bank for a European banking license. In the coming months, Revolut will be doing a lot of building and testing behind the scenes, and working closely with the regulators to have any license restrictions removed in order to launch full current accounts and services such as overdrafts, among others. Deposited funds are protected up to €100,000 under the European Deposit Insurance Scheme (EDIS). Testing will start in Lithuania in 2019, with an eye on expansion to other European markets later in the year.
