Connect with us

Hi, what are you looking for?

Investing

Revolut’s attempts to secure banking licence thrown into doubt by Bank of England

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 to the group’s ambitions to expand its operations in other countries. It would also be a blow to Britain’s wider fintech industry and to Rishi Sunak’s government, which has sought to champion the tech sector.

Revolut, the PRA and the Treasury all declined to comment.

Revolut became one of Europe’s biggest fintechs when it was valued at $33 billion in July 2021, after raising $800 million from investors including Softbank.

It was set up in 2015 by Nik Storonsky, who is its chief executive, and Vlad Yatsenko as a cross-border money transfer platform but is now a sprawling business, with operations spanning cryptocurrency trading and pet insurance.

The company has more than 28 million customers globally, including six million in the UK, and has more than 6,000 employees.

This month it emerged that Revolut’s chief financial officer and UK banking boss were leaving before the conclusion of the company’s long wait for a UK bank licence.

In March, Revolut’s external auditors, BDO, raised concerns in its 2021 accounts about the “completeness and occurrence” of close to £500 million of turnover and its “underdeveloped financial control environment”.

It hopes to file new accounts for 2022 in the summer.

Read more:
Revolut’s attempts to secure banking licence thrown into doubt by Bank of England

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

SEOUL/TOKYO — Japan on Monday put its ballistic missile defenses on alert and warned that it would shoot down any projectile that threatened its...

Economy

WASHINGTON — US President Joseph R. Biden on Sunday finalized a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4-trillion debt ceiling...

Economy

MILAN — The waters in Venice’s main canal turned fluorescent green on Sunday in the area near the Rialto bridge and authorities are seeking...

Economy

ANKARA — President Tayyip Erdogan extended his two decades in power in elections on Sunday, winning a mandate to pursue increasingly authoritarian policies which...

Economy

CAGAYAN Valley pride Jan Clifford Labog shocked heavy favorite International Master Michael Concio, Jr. yesterday to seize a share of the lead with his...

Economy

Games Today (Ynares Sports Arena) 5 p.m. — Blackwater vs Terrafirma 7:30 p.m. — Converge vs Magnolia SHORT in numbers but not in heart,...

You May Also Like

Investing

Almost 100 jobs are thought to be under threat at smart home energy technology manufacturer myenergi. The Grimsby firm, named one of the UK’s...

Economy

THE MARCOS administration’s plan to revive the Philippine Sugar Corp. (PHILSUCOR) has raised concerns from stakeholders, who said this may duplicate other agencies’ existing...

Investing

Canary Wharf Group and The Felix Project, a food redistribution charity have agreed a long-term partnership that will see them join forces to tackle...

Economy

By Kyle Aristophere T. Atienza, Reporter AROUND eight out of 1,000 Filipinos are “modern slaves,” according to a global index that tracked populations’ vulnerability...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.