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UK fintech startup Revolut to apply for US banking license, CEO says

U.K.-based fintech startup Revolut Ltd. plans to apply for a banking license in the U.S. by the end of 2018, CEO Nikolay Storonsky told Reuters.

Storonsky said the company, which currently offers personal loans, cryptocurrencies and small business banking services, plans to launch services in the U.S. this summer in partnership with a bank and also intends to launch a robo-advice service and commission-free stock trading, according to the report.

It currently employs five people in New York and plans to open an office in San Francisco. Revolut is also planning to double its global workforce of 400 by 2018-end, Storonsky added.

Private equity firms Baring Vostok Capital Partners, Digital Sky Technologies Ltd. and Index Ventures are among the backers of Revolut, according to S&P Global Market Intelligence data.