Revolut is confronted with yet one more hurdle earlier than it may function as a fully-licensed financial institution within the UK as regulators flag issues over its danger controls, in keeping with experiences.
The Monetary Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have expressed concern over how the fintech large handles its cross-border funds, as reported by the Monetary Instances.
In response to the fintech, Revolut is supported in over 160 nations and areas, with worldwide remittance as considered one of its key early promoting factors that allowed it to grow to be the UK’s most precious personal tech firm.
The corporate, which holds a number of banking licences exterior of the UK, has long-sought authorisation in its dwelling market, the place it has round 10 million prospects.
Revolut confronted extremely publicised delays in securing preliminary approval from regulators, with points together with compliance and income questions raised by its former auditor BDO.
The corporate was accredited for a banking licence within the UK in July 2024, at which level it entered mobilisation, an interim interval whereby a newly licensed financial institution should show to regulators it may meet their necessities earlier than it may precise function as a financial institution.
This era, in keeping with the Financial institution of England, usually lasts between three and 12 months, however in Revolut’s case it has already been 15 months.
UKTN has contacted Revolut for remark.
