Revolut’s Full UK License? Not Just Yet...
Hey Digital Banking Fanatic!
Revolut’s UK banking license was expected to go live by July 25, 12 months after its approval. That date came and went...
The Financial Times reports that Chancellor Rachel Reeves tried to bring Revolut and regulators together to speed things up. But Bank of England governor Andrew Bailey blocked the meeting, citing concerns over political influence in regulatory processes.
Also from Revolut: the FinTech now gives UK teens aged 16 and 17 access to key app features, letting them manage their money more independently, with the right guardrails in place until they turn 18.
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NEWS
🇬🇧 Rachel Reeves and Andrew Bailey clash over Revolut meeting. Reeves, who wants Revolut to be fully authorised as a bank as quickly as possible, had tried to set up a three-way meeting with Treasury officials alongside the FinTech and the BoE’s Prudential Regulation Authority, which supervises banks.
🇬🇧 Revolut welcomes 16-17-year-olds to its main app in the financial independence push for older teens. 16-17-year-olds will now be able to enjoy most of the app’s key features, including getting salaries paid into their account, directly paying friends and family, using budgeting tools, and enjoying the same foreign exchange benefits. Additionally, Revolut pitched its China expansion to investors, a move which would put Europe’s top FinTech in direct competition with local heavyweights AliPay and WeChat.
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