Revolut plans to become a "real" bank in Ukraine: what is known and when will it happen

British neobank Revolut plans to obtain a banking license in Ukraine (currently it is a financial app and is not authorized to provide banking services) to launch hryvnia accounts, loans, and acquiring for businesses. However, the specific timeline for obtaining a license is still unknown.

Despite the lack of a banking license in Ukraine, Revolut users can already make transfers from Revolut cards to cards of Ukrainian banks.

If the transfer is made to a hryvnia card, the conversion is done automatically at the current exchange rate. At the same time, accounts in more than 30 different currencies are available in the Revolut app, but the hryvnia is not yet available.

Obtaining a banking license will change this situation. Revolut will be able to officially operate as a bank in Ukraine, which will open up the possibility of introducing full-fledged financial services in the national currency, including deposits and lending.

Revolut has long been working with Ukrainian clients, including those living abroad. However, the company is seeking to expand its presence in the Ukrainian market. The war and migration processes have contributed to the popularity of digital banking services among Ukrainians, and Revolut sees this as a potential for development.

In addition, the company actively supports Ukrainians by offering convenient financial solutions, such as fast international transfers, foreign exchange transactions without additional fees, and easy online account opening. By entering the Ukrainian market as a bank, Revolut will be able to compete with traditional banks by offering more flexible and technologically advanced services.

What will change after obtaining the license

According to Dmytro Strelchuk, obtaining a banking license is a strategic goal for the company. This will open up opportunities for the following new services:

• opening accounts in hryvnia – currently, Revolut does not provide this option, but after obtaining a license, users will be able to store funds directly in the national currency;
• lending to individuals and businesses – the company will be able to offer consumer loans and financing to small and medium-sized businesses;

• acquiring for entrepreneurs – Revolut will become a competitor to Ukrainian banks in the field of cashless payments;
• deposits and savings – the possibility of opening savings accounts in hryvnia and other currencies.

The license will allow Revolut not only to expand its financial services but also to become more integrated into the Ukrainian financial system. This will be a step towards increased competition among Ukrainian banks, which, in turn, may stimulate service improvements and lower fees for customers.

The company does not disclose the specific timeframe for obtaining the license, but it is expected to happen by the end of 2025. Currently, the company is in active negotiations with the National Bank of Ukraine to fulfill all the requirements for obtaining banking status.

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