British fintech company Revolut has hit yet another hurdle in its long-held mission to become a real bank in its home country. A full banking license has been put on hold as the country’s central bank is concerned about the start-up’s ability to maintain risk management controls in the face of rapid international expansion, the Financial Times reported.
The Bank of England has asked Revolut to work on building a risk management stack to support its international growth before regulators approve a full banking license, the Financial Times reported, with regulators keeping an eye on how the fintech is managed in the UK and abroad.
Revolut received approval to obtain a banking license in the UK over a year ago, but is still in the so-called “mobilization” stage. This phase typically lasts 12 months and imposes deposit restrictions while the bank completes the final stages of its establishment and the Prudential Regulation Authority or Financial Conduct Authority assesses whether it is ready to operate as a full-fledged bank.
Importantly, obtaining a full banking license will allow Revolut to start lending in the UK and hold customer deposits of more than £50,000. The company has 12 million customers in the UK
News of the delay comes as Revolut, which has more than 65 million customers worldwide, is actively working on expanding outside the UK. The company already has a banking license in the European Union and has operations in Australia, Japan, New Zealand, Singapore, Brazil and the United States. Just last week, we started operations in India. It is also on the verge of starting operations in Colombia in 2026, has plans to start operations in Argentina and Mexico, hopes to enter Africa (first South Africa), and has an in-principle payments license in the UAE.
The company has big ambitions, aiming to reach 100 million customers by mid-2027 and enter more than 30 new markets by 2030.
“We are moving forward with the final stages of mobilization and will continue to work constructively with PRA,” a Revolt spokesperson said in an emailed statement. “Given Revolut’s global scale, this is the largest and most complex mobilization ever undertaken in the UK. A thorough review is expected as part of the process and getting this right is more important than rushing to meet specific deadlines.”
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In its last annual report, Revolut reported a net profit of $1 billion (£790 million) in 2024, with revenue increasing 72% to $4 billion (£3.1 billion) in the same year. The company also launched a cryptocurrency exchange, Revolut
