New updates have been reported about Revolut (PC:RVOLU)
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Revolut’s pursuit of a full banking license in the UK has encountered a delay as the Bank of England scrutinizes the fintech’s risk management capabilities amidst its rapid international expansion. The central bank requires Revolut to enhance its risk management framework to align with its global growth before granting the license, which would enable the company to lend in the UK and hold larger customer deposits. Currently, Revolut is in the ‘mobilization’ phase, a period that typically lasts 12 months, during which the Prudential Regulation Authority evaluates its readiness to operate as a full-fledged bank.
Despite this setback, Revolut continues its aggressive global expansion, boasting over 65 million customers worldwide and recently launching operations in India. The company holds a banking license in the European Union and operates in several countries, including the US, Australia, and Japan. With plans to enter new markets such as Colombia, Argentina, and South Africa, Revolut aims to reach 100 million customers by mid-2027 and expand into over 30 new markets by 2030. Financially, Revolut reported a net profit of $1 billion in 2024, with revenues rising 72% to $4 billion. The fintech’s Wealth division, including its crypto exchange Revolut X, saw a significant revenue increase. A Revolut spokesperson emphasized the importance of a thorough review process, stating that the company’s global scale makes this the most complex mobilization in the UK to date.