Revolut Finally Gets Its Banking License In The UK - 1

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Revolut Finally Gets Its Banking License In The UK

  • Written by Andrea Miliani Former Tech News Expert
  • Fact-Checked by Justyn Newman Former Lead Cybersecurity Editor

The Prudential Regulation Authority (PRA) in the United Kingdom has granted the fintech startup Revolut a banking license today.

According to TechCrunch , Revolut had requested the license in 2021, the neo bank had been waiting for three years to become a licensed UK bank.

“We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers,” said Nik Storonsky, CEO of Revolut, through the company’s official statement .

Revolut has 9 million customers in the UK and around 45 million across the globe. The company has shared with the app users that no significant changes have been made and that there’s nothing that customers have to do at the moment.

The fintech is expected to announce updates and new services for customers soon. “Today’s announcement is a significant step forward for Revolut and for our customers. It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut,” added Francesca Carlesi, UK CEO of Revolut.

Revolut will go through a “mobilisation” phase, also known as ‘Authorisation with Restrictions’, while the company complies with PRA requirements. This process—common among neobanks that gain licenses— could take months.

According to CNBC, this new status in the UK will allow Revolut to offer new services in the region like issuing loans and credit cards, and taking customer deposits.

This is not the first license in the European Union. Revolut has a banking license in Lithuania— accomplished with the help of the Bank of Lithuania— and has been operating in the European Union—complying with each country’s regulations— with this benefit.

Revolut has achieved a significant milestone, especially during times when other fintech companies like Synapse have shut down and failed customers and government institutions.

Apple Maps Beta is Now Available on the Web - 2

Apple Maps Beta is Now Available on the Web

  • Written by Shipra Sanganeria Cybersecurity & Tech Writer
  • Fact-Checked by Justyn Newman Former Lead Cybersecurity Editor
  • Reader’s Comments 1

Apple, this week, announced the launch of the web version of Apple Maps, albeit in a public beta form. Per the July 24 announcement, the beta web version can be accessed by any user on a desktop or mobile browser, regardless of the operating system.

According to Apple, the web interface of Apple Maps closely resembles its iOS app and includes features such as directions, guides, reviews, businesses, and more.

“Now, users can get driving and walking directions; find great places and useful information including photos, hours, ratings, and reviews; take actions like ordering food directly from the Maps place card; and browse curated Guides to discover places to eat, shop, and explore in cities around the world,” the press release stated.

In the press release, Apple stated that new features, including its Look Around , which offers 360-degree panoramic views of certain locations, will be available in the coming months.

Additionally, developers using MapKit JS tool can also link to Maps on the web, enabling their users to access driving directions, detailed place information, and more.

Accessible through the beta.maps.apple.com site, the web-based version of Apple Maps is currently available only in English. It works on Safari and Chrome for Mac and iPad, as well as Edge and Chrome for Windows PCs.

Apple announced that support for additional languages, browsers, and platforms will be rolled out in the future.

Coming more than a decade after its initial release in 2012, Apple’s launch of Maps on the web may signal a direct challenge to Google in this space, while also addressing the long-standing user request for browser and cross-device access. Although some websites, such as DuckDuckGo, have utilized MapKit JS to integrate Apple Maps web view into their search results since 2019 , this move represents a significant step in expanding Apple Maps’ accessibility.