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According to the Financial Times, this is anticipated to accelerate the company's growth in the biggest market in the nation.
The Prudential Regulation Authority (PRA) of the Bank of England granted Revolut a banking license, the business announced.
The business filed for a license in 2021, but a number of problems—including an auditor's warning that they could not completely corroborate Revolut's income statistics in the company's 2021 accounts—have delayed the regulators' consideration of the application.
Revolut will be able to increase the number of goods and services it provides in the UK market after receiving a banking license from the PRA. According to the FT, it also raises its chances of securing pertinent permits in other significant areas, such as the US.
Revolut already possesses a banking license from Mexico and Europe.
source: ft.com
The Prudential Regulation Authority (PRA) of the Bank of England granted Revolut a banking license, the business announced.
The business filed for a license in 2021, but a number of problems—including an auditor's warning that they could not completely corroborate Revolut's income statistics in the company's 2021 accounts—have delayed the regulators' consideration of the application.
Revolut will be able to increase the number of goods and services it provides in the UK market after receiving a banking license from the PRA. According to the FT, it also raises its chances of securing pertinent permits in other significant areas, such as the US.
Revolut already possesses a banking license from Mexico and Europe.
source: ft.com
