Revolut’s full banking license in the UK is on hold as the Bank of England wants the fintech to strengthen its risk management controls to match its rapid international expansion. The delay is hindering Revolut’s plans to start lending and hold over £50,000 in customer deposits in the UK.

Having received approval for a banking license in the UK over a year ago, Revolut is in the “mobilization” stage, facing deposit restrictions until it completes setup. With 12 million UK customers, a full banking license would enable Revolut to expand its services and offerings.

Despite facing regulatory hurdles in the UK, Revolut is aggressively expanding globally, with over 65 million customers worldwide. The company operates in various countries and aims to enter new markets, targeting 100 million customers by mid-2027 and expanding into over 30 new markets by 2030.

Revolut reported a net profit of $1 billion in 2024, with revenues increasing by 72% to $4 billion. The company also launched a crypto exchange, Revolut X, within its Wealth division, which saw a significant revenue increase in 2024. Revolut remains optimistic about its growth trajectory and global ambitions.

Read more at Yahoo Finance: UK is delaying Revolut’s banking license over risk management concerns