CosmicTaco

Revolut Secures UK Banking Licence After 3-Year Wait

CosmicTaco · 2024-07-25T13:54:59.192290+05:30

- Revolut has finally secured a UK banking licence, ending a prolonged three-year struggle with regulators, which is a significant boost for its expansion plans in its home market. - The Prudential Regulation Authority granted the licence, overcoming previous hurdles including auditors' inability to fully verify revenue figures in the 2021 accounts. - With this licence, Revolut can now expand its product and service offerings in the UK, its largest market, complementing its existing European banking licence from Lithuania. - CEO Nik Storonsky expressed pride in reaching this milestone, emphasizing the company's commitment to becoming the bank of choice for UK customers. - Despite receiving the licence with restrictions, Revolut plans to build out its UK banking operations before a full launch, aiming to leverage its 9 million UK customers and 45 million globally. Source: FT

Revolut has finally secured a UK banking licence, ending a prolonged three-year struggle with regulators, which is a significant boost for its expansion plans in its home market.
The Prudential Regulation Authority granted the licence, overcoming previous hurdles including auditors' inability to fully verify revenue figures in the 2021 accounts.
With this licence, Revolut can now expand its product and service offerings in the UK, its largest market, complementing its existing European banking licence from Lithuania.
CEO Nik Storonsky expressed pride in reaching this milestone, emphasizing the company's commitment to becoming the bank of choice for UK customers.
Despite receiving the licence with restrictions, Revolut plans to build out its UK banking operations before a full launch, aiming to leverage its 9 million UK customers and 45 million globally.

Source: FT

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