LONDON—Revolut, a fintech that offers a variety of banking services that include debit and credit cards, crypto and payments services, has succeeded in its long-term quest to gain a U.K. banking license.
The country’s Prudential Regulatory Authority said it will grant the license with restrictions, according to Finextra.
“Three years in the making, Revolut's bid for a U.K. banking license has been held up by issues over compliance, its repeated failure to file accounts on time and the sheer size of the business, which now counts over 42 million global customers,” Finextra said.
‘Fears Eased’
According to the report, regulators’ fears have been eased by recent revenues of over $2.2 billion in 2023 and a record pre-tax profit of $545 million.
“A simplification of its share ownership in October, which saw the firm collapse its six classes of shares into one and clarified its ownership structure, has also been a factor,” Finextra added.