Revolut has secured the first banking licence from ECB. It will take between three to six months to begin implementing the license across Europe.

Revolut announced on Thursday it was granted a banking license by the European Central Bank (ECB) that it will start to implement next year across key markets including the U.K., France, Germany and Poland, according to CNBC.

The license will allow the fintech company to offer services typically provided by traditional banks, including full current accounts, consumer and business lending and overdrafts. Customers will also be able to deposit their salaries directly into Revolut accounts, with up to €100,000 covered under the European Deposit Insurance Scheme.

„European banking licence will enable us to offer fully functional current accounts that will be more compatible with your global lifestyle. To sum up, here are some of the things you will be able to do very soon as a Revolut user:
. Have your salary paid directly into your Revolut account.
. Set up and manage direct debits for your phone bill, car insurance etc.
. Use overdraft facilities and manage them directly from the Revolut app.
. Take out a personal loan at competitive rates when times are tough.
. Save up for a rainy day and earn attractive interest on your term deposits.”, Revolut said in an a blog article:
„Why a European banking licence will be a huge deal for your Revolut account.”

This is the first banking license Revolut has secured. It will take between three to six months to begin implementing the license across Europe, the company said.

Revolut founder and CEO Nik Storonsky told CNBC earlier this week the European banking license will be “one of many,” adding it is a “good feeling” to receive the first one. Storonsky said the firm plans to apply for a U.K. banking license as well.

“If we feel a ‘hard Brexit’ happens, we’ll definitely need to have a license here,” he said.

Revolut is among a growing list of digital banks that have secured banking licenses as fintech start-ups take on incumbents in the financial services sector. The U.K.’s Monzo and Starling have both secured banking licenses in the U.K., while Germany’s N26 received its European license in 2016.

London-based Revolut has already been offering its more than 3 million customers a prepaid debit card and current account, as well as premium features like cryptocurrency trading and foreign exchange transactions. It says it is opening between 8,000 and 10,000 current accounts every day.

In April, Revolut closed a $250 million funding round that put its valuation at $1.7 billion. Storonsky said his goal is to win over 100 million customers as the “best digital bank in the world,” offering a one-stop-shop for users to manage their finances. The firm has plans to expand to the U.S. in 2019, as well as Canada, Singapore, Japan, Australia and New Zealand.

Many of Europe’s fintech companies have shown big growth in user numbers but have struggled to make money. Storonsky said he’s optimistic tech companies like Revolut can turn profits in the financial services sector.

“We can do what banks do, but we can do it 10 times cheaper,” he said.