Revolut wins UK banking licence after five-year tussle
3 days ago
- #Regulation
- #Fintech
- #Banking
- Revolut secures full UK banking licence after a five-year regulatory process.
- Founded in 2015, Revolut is now Europe's biggest fintech, valued at $75bn.
- The Bank of England's PRA confirmed the licence approval on Wednesday.
- Revolut initially applied in 2021, received a restricted licence in 2024, and underwent a two-year 'mobilisation period'.
- The company aims to expand its product offerings, including credit services.
- Last year, tensions arose between UK government and BoE over Revolut's licence status.
- The full UK licence may aid Revolut in securing similar approvals abroad.
- Revolut has applied for a US banking licence and hired a former Visa executive to lead US operations.
- The company has held a European banking licence since 2018 via Lithuania.