British fintech Revolut has hit a new obstacle to its long-standing mission to become a real bank in its home country: its full banking license is suspended because the country’s central bank is concerned about whether the startup can maintain its risk management controls in the face of its meteoric international expansion.
The Bank of England wants Revolut to commit to building its risk management stack to match its international growth before the regulator can approve a full banking license, while the Prudential Regulatory Authority investigates fintech controls in the UK and internationally, according to the Financial Times.
Revolut was granted approval to receive a banking license in the UK over a year ago, but is still in the so-called “mobilization” phase. This phase typically lasts 12 months and places restrictions on deposits while a bank completes the final stages of setup and the Prudential Regulatory Authority or Financial Conduct Authority assesses whether it is ready to fully operate as a bank in its own right.
Importantly, having a full banking license would allow Revolut to start lending in the UK and hold over £50,000 in customer deposits. The company has 12 million customers in the UK
News of the delay comes as Revolut, with more than 65 million customers worldwide, has moved aggressively to expand beyond Britain. The company already has a banking license in the European Union and operates in Australia, Japan, New Zealand, Singapore, Brazil and the United States. Last week, it launched operations in India; it is also about to start operating in Colombia in 2026, plans to launch in Argentina and Mexico, wants to enter Africa (first with South Africa), and has a payments license in principle in the United Arab Emirates.
The company has big ambitions: to reach 100 million customers by mid-2027 and to enter more than 30 new markets by 2030.
“We are progressing through the final stages of mobilization and continuing to work constructively with the PRA,” a Revolut 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 an expected part of the process, and getting it right is more important than rushing to meet a specific date.
According to its latest annual report, Revolut reported net profit of $1 billion (£790 million) in 2024, while its revenue grew 72% to $4 billion (£3.1 billion) during the year. The company also launched a crypto exchange, Revolut
