Nik Storonsky, founder and chief executive of Revolut, said: "With the banking licence now secured, commission-free stock trading progressing well and five new global markets at final stages of launch, we are living up to our reputation as the "Amazon of banking".
Revolut confirmed that its next big plan is to break into lending and to offer standard overdraft facilities, as well as personal and business loans at competitive rates.
The European banking licence will allow Revolut's customers to deposit their salaries, which will be protected up to 100,000 euros (£90,000) under the European Deposit Insurance Scheme.
The firm's first license was acquired through the Bank of Lithuania. It will take between three to six months to begin implementing the license across Europe, the company said.
The fintech firm announced they were granted the license from the European Central Bank (ECB) on 13 December.
Founded in 2015 by former Credit Suisse and Deutsche Bank investment bankers Nikolay Storonsky and Vlad Yatsenko, Revolut is an app with a multicurrency card. Storonsky said the firm plans to apply for a United Kingdom banking license as well.
The firm launched an in-app cryptocurrency exchange a year ago, and it also debuted a debit card that will allow customers to receive cash back denominated in bitcoin, ripple (XRP), or any of the other cryptocurrency assets available through the app.
"If we feel a "hard Brexit" happens, we'll definitely need to have a license here", he said. 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. "Our vision is simple: one app with tens of millions of users, where you can manage every aspect of your financial life with the best value and technology".
Earlier this year, Revolut raised $250 million in a funding round that brought its valuation to $1.7 billion, and recent reports claim that the company is in talks with SoftBank to raise additional funding worth as much as $500 million. The firm has plans to expand to the U.S.in 2019, as well as Canada, Singapore, Japan, Australia and New Zealand. Those customers are transacting over $4 billion per month, enabling Revolut to increase its revenue fivefold over the past 12 months.
Revolut's spokesman said the company is in the final stages of testing in the majority of those countries.
"We can do what banks do, but we can do it 10 times cheaper", he said.