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Fintech Insider Podcast by 11:FS
882. News: Revolut secures UK banking licence, Plum raises over £16m, and how CrowdStrike paralysed banking.
Jul 29, 2024
This week, Anthony Thomson, Co-Founder of Archie, and Abhishek Choudhari, VP of Product at Plum, dive into exciting fintech developments. They discuss Revolut's pivotal UK banking license win after years of waiting and explore Plum's impressive £16 million fundraising. The talk also touches on the impact of a cybersecurity incident by CrowdStrike, revealing risks for traditional banks. With Monzo’s new pension product and innovative investments, this conversation is packed with insights on how fintech is reshaping finance and banking.
56:44
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Quick takeaways
- Revolut's attainment of its UK banking license after three years signifies a pivotal milestone for the company's prospective growth and operational capabilities.
- Fintech accelerator Archie is prioritizing strategic guidance along with financial investment to support their startups, Waymo and Echo, on their growth journeys.
Deep dives
Revolut's Long-Awaited Banking License
Revolut has finally received its UK banking license after a prolonged application process that lasted over three years, a significant achievement for the fintech company. Initially applied for in 2021, this license allows Revolut to accept consumer deposits and participate in the UK's deposit protection scheme. The delay in obtaining the license has been attributed to regulatory scrutiny and previous operational challenges within the company. Despite past setbacks, the news positions Revolut for continued growth, with plans to increase its valuation to $45 billion as it moves forward.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode