Revolut’s full UK banking licence delayed over risk control concerns #
Revolut is facing regulatory hesitation in obtaining its full UK banking licence, as the Financial Conduct Authority (FCA) and Bank of England reportedly have doubts about whether the fintech’s risk and compliance systems can scale sufficiently with its rapid growth
Internal assessments by regulators suggest that while Revolut has made progress in compliance, gaps remain in its internal controls, particularly around credit risk, fraud prevention, and systemic resilience. Observers say that until these concerns are satisfactorily addressed, approval is likely to remain on hold
The delay could hamper Revolut’s ambitions to expand core banking operations in the UK, forcing the firm to maintain reliance on its current limited banking permissions and partnerships. The regulatory pushback highlights tensions fintechs often face when trying to transition from lean scale-ups to regulated full-service financial institutions