Revolut’s long-awaited UK banking licence has been delayed as regulators raise concerns about whether the digital finance giant’s risk controls can keep pace with its rapidly expanding global operations, according to a report by the Financial Times.
The London-based fintech company, valued at over £25 billion, received a restricted UK banking licence in 2024 — a key step toward becoming a fully fledged bank and eventually listing on the stock market.
However, the Financial Times reported that officials from the Bank of England have sought firm assurances from Revolut that it will strengthen its risk management systems to align with its ambitious international growth plans.
Britain’s Prudential Regulation Authority (PRA) is reportedly reviewing the strength of Revolut’s internal controls across its domestic and overseas markets before granting full banking status.
Revolut declined to comment on the report but referred to a statement issued in July, saying it was “progressing through the final stages of mobilisation.”
The company added, “Given Revolut’s global scale, this is the largest and most complex mobilisation ever undertaken in the UK. A thorough review is an expected part of the process, and getting this right is more important than rushing to meet a specific date.”
The Bank of England declined to comment, noting that it does not discuss individual firms.
Revolut’s co-founder and CEO, Nik Storonsky, said in September that obtaining a full UK banking licence remains his “top priority” to allow the company to transfer customers to the new bank and expand its credit product offerings.
Executives have maintained their goal of securing the final licence before the end of the year, though regulatory scrutiny has intensified amid the company’s continued global expansion.
