Banking licence for troubled Revolut hangs in the balance
The fate of Revolut’s attempts to secure a long-awaited banking licence from City regulators was thrown into further doubt last night after it emerged that the Bank of England was minded to reject the company’s application.
The London-based group is the darling of Britain’s fintech industry and has been seeking approval for a licence from the Bank’s Prudential Regulation Authority and the Financial Conduct Authority for more than two years. However, a source said last night that the PRA had informed the Treasury that it was minded to reject Revolut’s application, although they said that a final decision had not been made. The Daily Telegraph was the first to report the development.
Failure to gain a licence from Revolut’s home regulators would pose an obstacle
