Fintech firms, especially digital banks, have captured the attention of investors and the overall financial service market in recent years with large financing rounds and slick products; recent issues at Revolut point to some of the problems with growing a fintech so quickly and using different means to acquire the proper licenses; UK based customers do not have full deposit security with Revolut through their e-money license; with traditional banks beefing up their digital offerings one has to wonder how likely is it for a fintech to truly compete on the high street bank level. Source.
