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Revolut Still Waiting for UK Banking License

Revolut Still Waiting for UK Banking License

(27 February 2024 – United Kingdom)  Challenger Bank Revolut is still waiting for a banking license almost a year after claiming approval was imminent.

Revolut applied for a license from the Bank of England (BoE) in 2021 to expand its services in the United Kingdom (UK) to include accepting deposits, granting loans and credit cards. At the time it was estimated as the UK’s most valuable fintech at £26 billion. 36 new British “neobanks” have been approved by the Prudential Regulatory Authority (PRA) since 2013, including Monzo and Starling Bank.

“We work closely with regulators around the world. Revolut has obtained over 70 licences across a range of financial services” said the fintech, which was granted an EU banking licence by the Bank of Lithuania in 2021.

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