Revolut’s UK Banking License Stalls Amidst Regulatory Scrutiny

Revolut’s journey to obtain a full UK banking license has hit a snag as British regulators scrutinize the company’s risk management systems. The London-based fintech firm has been facing pressure from the Bank of England and the Prudential Regulation Authority (PRA) to provide guarantees that its oversight mechanisms can scale with its global expansion. Currently, Revolut holds a restricted UK banking license, but needs full authorization to transfer customers and offer credit products. The company’s ability to maintain adequate oversight as it grows beyond British borders has raised concerns among regulators.