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Revolut's UK banking licence held up, FT reports
- On Tuesday, British regulators are holding up Revolut's full UK banking licence because they question whether its risk controls can keep pace with rapid overseas growth.
- After approval, Revolut entered a mobilisation phase that has since stretched beyond the usual three-to-12-month window, holding only 50,000 in deposits.
- Bank of England officials have pressed Revolut for commitments on risk systems, while the Financial Conduct Authority and Prudential Regulation Authority have raised concerns about cross-border payments and money laundering.
- The regulatory pause complicates Revolut's push to reach 100 million customers by mid-2027 and its aim to enter 30 new markets by 2030, though executives hope to secure the final licence this year.
- Revolut already operates under licences overseas and launched in India last week while seeking a $75 billion valuation and facing political attention after Rachel Reeves’s blocked intervention by Andrew Bailey.
13 Articles
13 Articles
Revolut's UK banking licence held up, FT reports
Digital finance firm Revolut's UK banking licence is being held up by British regulators' concerns over whether its risk controls can keep pace with the rapid growth of its overseas operations, the Financial Times reported today.
Revolut Faces Fresh Delay in UK Banking License Amid Regulatory Concerns - Fintech Schweiz Digital Finance News - FintechNewsCH
Revolut is reportedly facing further delays in securing a full UK banking license due to regulators’ concerns over its risk controls related to cross-border payments. Separately, the fintech has acquired an AI travel agent that was incubated at an innovation hub run by Lufthansa. Revolut won initial approval for a UK banking license last year after a three-year dispute with regulators, according Finextra. The approval marked the start of a ‘mobi…
Revolut Faces New Challenges with UK License Delays and AI Travel Agent Acquisition | Fintech InShorts: Latest fintech news, analysis by experts
Exploring the implications of Revolut’s regulatory hurdles and strategic acquisitions in the fintech space Highlights: Revolut’s delay in obtaining a UK financial license raises concerns for its operations. The fintech company has acquired an AI travel agent to enhance its service offerings. Regulatory challenges could impact Revolut’s growth trajectory and market position. Revolut is currently facing setbacks in securing its UK financial licen…
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