Revolut, the most valuable fintech in Europe, expected to complete a long regulatory chapter in 2024 by obtaining its British banking license. More than a year later, the Bank of England (BoE) is still withholding its final green light. At issue are the regulator’s doubts about the group’s ability to align its governance and control mechanisms with its global expansion.
A file that has become a credibility test
For the Prudential Regulation Authority (PRA), the granting of this license does not only concern Revolut but will condition the way in which other jurisdictions treat pan-European fintechs. The institution wants to prevent too rapid an authorization from becoming a precedent, in a post-Wirecard context where prudential rigor has become the norm.
Revolut, which claims 65 million customers in around forty countriesremains limited today by the “mobilization phase” established in July 2024, it can only hold £50,000 deposits in the UK until a review of its risk management, compliance and capitalization processes is completed.
A model under pressure
The fintech founded by Nik Storonsky has long relied on a combination of local licenses (payment, exchange, e-money) to fuel its growth. This model allowed it to expand quickly in Europe and Latin America, but it also highlighted the weaknesses of a fragmented regulatory architecture. Nik Storonsky admits today that the company “wanted to move too fast” and that the real challenge now lies in building a consistent and compliant global bank.
Expanded surveillance
The PRA is closely examining the robustness of IT systems and anti-money laundering arrangements, not only in the UK but also in European and Latin American subsidiaries. This global approach reflects a growing concern that transnational fintechs concentrate volumes of data and capital comparable to those of large banks, without always sharing the institutional safeguards.
Towards the status of a “real” bank
Despite these delays, Revolut continues to strengthen its regulated presence, it already has a European banking license via the Central Bank of Lithuaniaanother at Mexicoand has just obtained a first green light in Colombia. In the United States, it plans to acquire a bank to obtain a federal charter.
It has just recruited Frederic Oudéa, former CEO of Société Générale, to give credibility to its governance in Europe.
The company now hopes to finalize its full license in the UK before the end of 2025. This symbolic milestone would allow Revolut to fully enter the British credit market, but above all to consolidate its legitimacy as first global bank from the European fintech generation.
