The newspaper reports that, based on three sources, the Bank of England asked the fintech startup for guarantees that it would develop its own risk management system in line with its ambitious global growth strategies.
According to the FT, Revolut obtained a restricted banking license in the UK in July 2024 following a three-year struggle with regulators. A complete banking license would enable the firm to access the UK lending market, where it could "utilize its customers' substantial deposits."
Sources indicate that the Bank of England's Prudential Regulation Authority (PRA) is "thoroughly assessing the strength of controls" for Revolut in the UK and globally prior to granting the company a license, explaining why the process has taken over a year.
Two sources informed the newspaper that the PRA thinks granting a full banking license in the UK would probably lead to a series of similar regulatory approvals in other nations.
source: ft.com
According to the FT, Revolut obtained a restricted banking license in the UK in July 2024 following a three-year struggle with regulators. A complete banking license would enable the firm to access the UK lending market, where it could "utilize its customers' substantial deposits."
Sources indicate that the Bank of England's Prudential Regulation Authority (PRA) is "thoroughly assessing the strength of controls" for Revolut in the UK and globally prior to granting the company a license, explaining why the process has taken over a year.
Two sources informed the newspaper that the PRA thinks granting a full banking license in the UK would probably lead to a series of similar regulatory approvals in other nations.
source: ft.com