Revolut Secures UK Bank License After Overcoming Hurdles
British fintech Revolut receives full UK banking license, allowing it to offer retail and business accounts after a 5-year regulatory approval process.
After a long and arduous journey, Revolut, the British financial technology (fintech) giant, has finally secured a full banking license from the Prudential Regulation Authority (PRA) in the United Kingdom. This landmark achievement comes after the company had to navigate a complex regulatory landscape and address various accounting and reputational concerns over the past five years.
The announcement marks a significant milestone for Revolut, as it can now officially launch as a fully-fledged UK bank, offering a comprehensive suite of services to both retail and business customers. This includes the ability to provide current accounts, deposit-taking, and other traditional banking products, further cementing the company's position as a disruptive force in the financial services industry.
The path to this banking license has not been an easy one for Revolut. The company initially lodged its application in 2021, but faced a series of challenges that threatened to derail its ambitions. Chief among these were concerns over the company's accounting practices and reputational issues, which required careful navigation and resolution before the PRA could grant its approval.
However, Revolut has now overcome these hurdles, demonstrating its resilience and commitment to becoming a fully-fledged bank. The company's co-founder and CEO, Nikolay Storonsky, expressed his excitement about the milestone, stating that it
Source: The Guardian
