London-based financial technology startup Revolut has been granted an European banking license in an effort to ‘launch checking and savings account’ and ‘retail and business lending,’ reports Insurance Journal. 

Nikolay Storonsky, Revolut’s founder and chief executive officer, said: “Our vision is that retail and business customers will be able to apply for a loan in just two minutes from within the app, and then have the money in their account almost instantly.”

In total, Revolut has raised funds worth $340mn from venture capital firms including Index Ventures, Ribbit Capital, Balderton Capital and DST Global. The company was valued at $1.7bn when it raised $250mn in April 2018.

The company may soon plan to expand its presence to the US and Japan in 2019.