Revolut’s UK Licence Faces New Hurdles as Wise Expands in the UAE
Hey Digital Banking Fanatic!
Revolut’s full UK banking licence is facing another delay, and regulators are not making it easy.
According to the Financial Times, the Bank of England’s Prudential Regulation Authority wants stronger proof that Revolut’s risk systems can keep up with its explosive growth. The company now serves 65 million users in 40 countries and is adding 1 million new customers every 17 days. 🤯
With plans to expand into 30 more countries by the end of the decade, and a long-awaited IPO on the horizon, this next regulatory milestone could define Revolut’s next chapter.
As Revolut’s lead regulator, the PRA was mindful that approving a full UK banking licence was likely to trigger a wave of similar accreditations in other countries that would follow its lead.
The process has now stretched beyond 14 months, making it the most complex mobilisation in UK history. CEO Nik Storonsky called it Revolut’s “number one priority” and admitted it was a mistake to expand globally before locking it down at home.
Regulators are being extra cautious, but there is also good news. Revolut just announced a very interesting acquisition. Scroll down to read more about it 👇
And speaking of licences, Wise just received full approval from the UAE Central Bank, marking its 70th global licence and clearing the path for a local launch.
Cheers,
INSIGHTS
🇺🇸 How long before Revolut and Nubank crash this list?
NEWS
🇬🇧 Revolut’s full UK banking licence held up by concerns over global risk controls. Revolut was approved for a UK banking licence in July 2024 after a three-year wrangle with regulators, but remains subject to restrictions during a mobilisation phase. A full banking licence would allow Revolut to enter the lucrative UK lending market, putting to work its significant customer deposits.
🇩🇪 Revolut acquires AI travel agent startup Swifty, incubated at Lufthansa Innovation Hub. This acquisition complements Revolut’s development of its AI financial assistant, building on the lifestyle offering. Swifty's AI agent is designed to autonomously handle the entire travel booking process through a simple conversational interface.
🇦🇪 Wise secures final approval from the Central Bank for stored value facilities and retail payment services licenses in the UAE. Wise has received licence approvals from the Central Bank of the UAE for Stored Value Facilities and Retail Payment Services, marking a key milestone in its plans to expand services to personal and business customers.
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