The struggle with the regulators for the license lasted more than three years.
The company first submitted a request in early 2021, but faced numerous problems. Auditors warned that they could not fully verify the turnover figures in the group’s 2021 accounts.
The Bank of England required Revolut to simplify its share structure to qualify for regulation as a bank, sparking a dispute with Japanese investor SoftBank.
Currently, Revolut is licensed with restrictions. But this is a common status for new lenders and allows them to develop their banking operations in the UK before they launch.
Previously, Revolut received a European banking license from the authorities of Lithuania and also in Mexico. But the British license was key to the future prospects of the company.
Revolut will now be able to expand the range of products and services in the country, including mortgage loans, increase trust in the company and protect deposits of up to £85,000.
In addition, the company’s chances of obtaining banking licenses in other important markets, such as the United States, will increase.