Revolut’s UK banking license may be delayed due to risk management concerns

Revolut, a digital banking startup, is facing a potential delay in obtaining its full banking license from the U.K. central bank. The Bank of England has raised concerns about Revolut's ability to effectively manage risks as the company rapidly expands its operations globally. The central bank's main concern is whether Revolut can maintain its risk controls and compliance measures as it scales its business across multiple markets. The startup's rapid international growth has raised questions about its capacity to oversee its operations and ensure proper risk management. The delay in Revolut's banking license application could impact the company's plans to offer a wider range of banking services to its customers in the U.K. The startup has been operating with a specialized banking license, but the full banking license would allow it to expand its product offerings and compete more directly with traditional banks. The central bank's scrutiny of Revolut's risk management practices underscores the importance of robust regulatory oversight, especially for fast-growing fintech companies, to ensure the stability and integrity of the financial system.