Listed payment services provider and aspiring neobank Novatti has reported total revenue of A$2.47 million for the September quarter, up 32 per cent on the corresponding quarter last year.In its quarterly update, the company stated that its application for a Restricted Authorised Deposit Taking Institution banking licence, originally lodged with APRA a year ago, "is now largely finalised" and "ready for final submission and approval by APRA". "The focus of this banking licence will be to offer new banking services to Australian customers, with a focus on new migrants," Novatti managing director Peter Cook told investors.Meanwhile, during the September 2019 quarter, Novatti was granted a principal issuer licence for Visa Worldwide Pty Ltd. "The initial Visa cards issued will be prepaid - a product experiencing rapid growth, with the Australian prepaid card market expected to increase from $29 billion in 2019 to $46 billion in 2031," Novatti stated. The company said it has applied for an "e-money issuing licence" in Lithuania during the September quarter, "with an aim that this be granted by end of Q3 FY20 ... to issue a range of financial products in Europe and extend the range of licences and compliance capabilities within the group".And in contrast to many of its banking start-up peers, Novatti seems well funded. In a statement to the ASX, Novatti said it had $2.5 million in cash, up from $1.8 million at end of the June quarter. A debt of $800,000 has also appeared on its balance sheet: it's a loan from a third party lender for working capital in Novatti's banking subsidiary.