FinTech unicorn Revolut is reportedly planning to apply for a banking licence in the US.

Nikolay Storonsky, chief executive of the digital challenger bank, told Reuters that the firm could apply by the end of the year in California.

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Launched in 2015, London-based Revolut became the UK's latest tech unicorn in April after raising $250m at a $1.7 billion valuation.

It has already applied for a banking licence in Europe and offers its 1.8 million customers a pre-paid card and a mobile app, which also allows users to buy, hold and sell cryptocurrencies from within its app.

Storonsky told Reuters that Revolut plans to launch services in the US this summer with a banking partner.

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