(28 October 2026 – United Kingdom) The Bank of England (BoE) has ordered a review of Revolut’s product approval processes as it seeks to probe Europe’s most valuable private start-up.
The review will investigate the fintech unicorn’s internal controls as it expands into areas such as personal lending including unsecured personal loans of £2,000 to £25,000 following its newly acquired UK banking licence following a protracted approval process.
The European Central Bank (ECB) applied restrictions to Revolut in 2025 after finding deficiencies in its new product approval processes with CEO Nik Storonsky reportedly advising employees to act like “self-guided missiles” with little oversight to develop new products the FT reports.
“We are in continuous and constructive dialogue with our regulators, including the European Central Bank, as part of our normal course of operations as a fully licensed bank. Revolut is committed to the highest standards of governance and risk management. In line with supervisory expectations, we regularly strengthen our internal control environment and operational processes” Revolut said in a statement.