Payments Startup Revolut Wants to Become a Bank

Revolut, the London-based financial technology startup that’s raised more than $86 million in venture capital, said it’s applying for a European banking license to broaden the portfolio of services it offers customers.

It’s  joining a growing roster of  neobanks in Europe, which are seeking to entice clients away from traditional retail banks with slick mobile apps, budgeting tools and low-fee or no-fee services. Contenders include Germany’s Fidor Bank and N26, which recently expanded to the U.K., and London-based Monzo, along with more than a dozen others.

To read more, click here.