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Joined 2 years ago
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Cake day: August 16th, 2023

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  • Still not finalized https://on.ft.com/4mjoNwq

    But it is yet to gain authorisation to operate as a fully fledged bank in the UK.

    After a three-year process, its application for a UK banking licence was approved last year, with restrictions imposed until it met conditions set by regulators. But, 12 months later, Revolut still faces restrictions on lending in the UK.

    The licence approval triggered a “mobilisation” stage during which time Revolut’s banking division has been allowed to accept deposits of only £50,000 while the company builds out its IT infrastructure, risk controls, compliance functions and other systems.