Revolut, a fintech giant, is still awaiting full authorization from regulators a year after securing its initial U.K. bank license. The company is in the “mobilization” phase, limited to holding £50,000 of customer deposits. A meeting with British Finance Minister Rachel Reeves was reportedly cancelled by Bank of England Governor Andrew Bailey.

The delay in Revolut’s bank authorization process may be due to the U.K.’s regulatory posture and the sheer size of the company. Revolut serves over 10 million customers in the U.K. and is valued at a rumored $65 billion. Regulators are cautious due to past financial crises, with concerns about capital requirements and fraud risks.

Revolut’s full authorization as a bank is crucial for the U.K. government, facing criticism from the tech industry over tax changes. Failure to retain fintechs like Revolut could result in job losses and decreased tax revenue. Revolut’s approval would be a significant win for the government, preventing the potential relocation of the company’s global headquarters outside the U.K.

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1. The U.S. economy added 943,000 jobs in July, surpassing expectations and marking the second straight month of strong job growth.

2. The unemployment rate fell to 5.4%, a significant improvement from the 5.9% rate in June.

3. The leisure and hospitality sector saw the largest job gains, adding 380,000 jobs in July.: Why UK bank launch is taking so long