Overview
- Revolut remains in the PRA mobilisation phase more than 14 months after approval, a period that typically lasts a year and caps total UK deposits at £50,000.
- The Bank of England and PRA are assessing Revolut’s controls in the UK and overseas and have asked the company to detail how it will build risk infrastructure to match its international growth.
- Revolut says it is progressing through the final stages of mobilisation and working constructively with the PRA, describing its case as the largest and most complex mobilisation undertaken in the UK.
- City AM reports that Chancellor Rachel Reeves sought a meeting on the licence process that Governor Andrew Bailey blocked, underscoring political interest alongside regulatory caution.
- The company counts about 65 million customers globally, holds licences in the EU and Mexico, has launched in India, targets 100 million users by mid-2027, and would gain the ability to lend in the UK with full authorisation.