The UK Fintech Revolut has hit another barricade in its long -term mission to become a real bank in its home country: its full banking license is held because the country’s central bank is worried about whether the start can maintain the risk management controls in the face of its inflated inflated finals.
THE The Bank of England wants to commit Revolut To build the risk management stack to match its international development before the regulatory authority can approve a full banking license, the Financial Times said and regulatory authorities are considering Fintech’s audits in the United Kingdom and internationally.
Revolut received approval to obtain a bank license in the UK more than a year ago but still in the so -called “mobilization“This phase usually lasts 12 months and imposes deposit restrictions, while a bank completes the final steps of the installation and the Progressive Regulation Authority or the Financial Behavior Authority evaluate if it is ready to operate as a full bank.
It is important that possession of a full bank license would allow Revolut to start lending to the United Kingdom and hold more than £ 50,000 in customer deposits. The company has 12 million customers in the UK
The news of the delay comes as a revolut, with more than 65 million customers worldwide, have moved aggressively to expand beyond Britain. The company already has a bank license in the European Union and operates in Australia, Japan, New Zealand, Singapore, Brazil and the US just last week, started businesses in India. It is also going to start operating Colombia In 2026, he plans to start in Argentina and Mexico, he wants to enter Africa (first with South Africa) and has a license to pay in the UAE.
The company has Great ambitionsaiming to reach 100 million customers by mid -2027 and entering over 30 new markets by 2030.
“We are moving through the final stages of mobilization and continue to work constructively with PRA,” a spokesman for Revolut said in an online statement. “Given the world -scale of Revolut, this is the largest and most complicated mobilization ever undertaken in the United Kingdom, a thorough review is an expected part of the process and receiving this right is more important than rushing to respond to a specific date.”
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Per last annual reportRevolut reported a net profit of $ 1 billion (£ 790 million) in 2024, while revenue increased by $ 72% to $ 4 billion (£ 3.1 billion) a year. The company also launched a Crypto Exchange, Revolut X, part of its wealth section, which saw revenue increased by $ 298% to $ 647 million in $ 2024 from just $ 158 million in 2023.
