14:49 - 25.07.2024
July 25, Fineko/abc.az. Fintech Revolut has received a banking license in the UK from the Prudential Regulation Authority (PRA), ABC.AZ reports, referring to Revolut.
The license obtained by Revolut still has restrictions that apply to all new banks in the country at the initial stage. During the restrictions, Revolut must prepare the processes before fully entering the British market. Until this phase is completed and launched as a British bank, Revolut's UK customers will remain with Revolut Ltd, a British electronic money institution regulated by the FCA.
Fintech received a license from the UK Banking Regulatory Authority (PRA) 3 years after applying in January 2021. At the stage of reviewing the application, Revolut faced a number of problems — the company could not fully confirm the revenue data in the financial statements for 2021. Fintech had similar problems following an audit by the European Central Bank (ECB) after the European regulator took over supervision of the Revolut division from the Central Bank of Lithuania in early 2024 due to the company's active growth. At that time, the ECB identified several shortcomings in the Revolut banking control system.
A banking license in the UK will allow fintech to expand its products and services in one of the largest banking markets. Revolut has about 9 million UK customers in its online banking Revolut Ltd, founded in 2015, and more than 45 million worldwide.
