Reported 16 days ago
Revolut is experiencing delays in securing a full UK banking license, primarily due to regulatory concerns over its risk management capabilities during its global expansion. The Bank of England's Prudential Regulation Authority (PRA) is currently analyzing the company's risk management processes and has urged Revolut to improve its infrastructure. Although the company holds a conditional banking license, it is restricted to holding a maximum of £50,000 in deposits while in the mobilization phase, which has now lasted over 14 months.
Source: YAHOO