UK-based Revolut has reportedly been facing delays in securing its full banking licence in its home country due to regulators’ concerns over its global risk controls.
As alleged by The Financial Times on 14 October 2025, Revolut’s full UK banking licence is being stalled by concerns regarding whether its risk controls can keep pace with the considerable expansion of its international operations. Initially, the company obtained a UK banking licence in July 2024. However, this came with some restrictions, as Revolut entered the mobilisation stage, including deposit restrictions of GBP 50,000 while completing the setup before fully starting to trade.
Now, according to the aforementioned sources, Bank of England officials sought commitments from the company that it would develop its risk management infrastructure to match its overseas expansion strategy. Additionally, the Prudential Regulation Authority, the UK’s banking regulator, is inspecting the capabilities of Revolut’s risk controls both in its home countries and internationally before providing it with a full licence to operate as a bank in the UK.
At the time of writing, Revolut did not comment on the matter, but, as detailed by Reuters, the company mentioned a July 2025 statement in which it emphasised that it was progressing through the final stages of mobilisation. Back then, Revolut underlined that, due to its global scale, this represented one of the largest and most complex mobilisations undertaken in the region, and a detailed review was an expected part of the process. The company added that getting this right was more pivotal compared to meeting a specific date.
Furthermore, just a month ago, in September 2025, Revolut’s CEO and co-founder, Nik Storonsky, stated that the company’s main priority was to obtain a UK banking licence and to transfer customers into the new bank and offer them credit products.
Revolut’s journey to getting a UK banking licence
Securing a banking licence in the UK has been a bumpy road for Revolut, with the company starting this process back in 2021. In a recent editorial piece, we dove into the challenges that Revolut faced throughout these years, from issues arising from its global scale and public tensions between regulators, to compliance and governance complexity and a change in auditors.
Make sure to read the full piece to get a better understanding of this entire process and the marathon that Revolut had to run to get where it is now.
