Revolut Faces UK Licence Delay, Halts Hungary Services
Hey Digital Banking Fanatic!
Revolut’s regulatory hurdles are piling up. It's still waiting on a key UK credit licence and is now suspending services in Hungary.
Meanwhile, Monzo doubles down in Ireland with a fresh €2m investment, expanding its European footprint while Revolut navigates setbacks.
And it’s not just Revolut under scrutiny. The Monetary Authority of Singapore (MAS) just fined major banks, including Credit Suisse, United Overseas Bank, UBS, Citibank, Julius Baer, and LGT.
Keep reading on to know why 👇 and I'll be back with more tomorrow!
Cheers,
INSIGHTS
📈 Revolut is the fastest-growing banking brand globally, with a 795% increase in brand value to USD 1.9 billion, driven by marketing investment, customer expansion, and new market entry.
NEWS
🇭🇺 Revolut suspends certain services immediately in Hungary. The announcement, sent to users via email on Friday evening, cites recent changes in Hungarian legislation as the reason for the decision. According to Revolut’s statement, several key crypto features are no longer available in the country.
🇬🇧 Revolut is yet to receive a key credit license from UK regulators. The group is still awaiting authorization from the Bank of England’s Prudential Regulation Authority and the FCA after applying for a consumer credit license last year, which would enable it to offer credit cards and other services in the UK.
🇪🇸 Monzo Expands to Barcelona. This move marks an exciting step in Monzo’s international growth and commitment to building a world-class team across borders. Meanwhile, Monzo invests a further €2m in the Irish arm. TS Anil, the Chief Executive of Monzo, said last year that its new Irish office would act as a gateway to Europe after it raised £340 million (€394 million) to bring its valuation to £4 billion.
🇨🇴 The Bank of the Republic confirmed that the new Bre-B instant payment system will begin operating in Colombia in the second half of September 2025. This platform will allow users to send and receive money in real-time, regardless of their bank or financial institution.
🇬🇧 Starling strengthens the marketing team as it prepares a major brand relaunch with a new ‘good with money’ platform. The platform is supported by the bank’s central mission that one day, everyone in the UK will have a healthy relationship with their money. This mission is a response to the challenging financial landscape for people in the UK.
🇧🇪 Belgian banks join the European Payments Initiative to expand Wero wallet across Europe. "By integrating Wero into our offering from 2026, we will empower our clients, entrepreneurs, and liberal professions with a fast, secure, and intuitive way to manage their payments, which is fully aligned with their daily needs," said Bank Van Breda CEO Dirk Wouters.
🇸🇬 MAS fines CS, UOB, UBS, Citi, JB, and LGT for AML failings. Singapore’s regulator, the Monetary Authority of Singapore, has fined nine financial institutions, including leading banks in the region, a total of S$27.45m ($21.54m), and penalized several relationship managers over the money laundering scandal that rocked the country.
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