Revolut Secures UK Banking Licence After 3-Year Wait

- Revolut has finally secured a UK banking licence, ending a prolonged three-year struggle with regulators, which is a significant boost for its expansion plans in its home market. - The Prudential Regulation Authority granted the licence, overcoming previous hurdles including auditors' inability to fully verify revenue figures in the 2021 accounts. - With this licence, Revolut can now expand its product and service offerings in the UK, its largest market, complementing its existing European banking licence from Lithuania. - CEO Nik Storonsky expressed pride in reaching this milestone, emphasizing the company's commitment to becoming the bank of choice for UK customers. - Despite receiving the licence with restrictions, Revolut plans to build out its UK banking operations before a full launch, aiming to leverage its 9 million UK customers and 45 million globally. Source: FT