UK-based Revolut has reportedly been encountering delays in obtaining its full banking licence at home due to concerns raised by regulators over the company’s global risk management capabilities.

According to a report by The Financial Times on October 14, 2025, Revolut’s full UK banking licence is being held up because of worries that current risk control measures might struggle to keep pace with its rapid international expansion. Initially, the company acquired a UK banking licence in July 2024, albeit with certain restrictions as it entered the mobilisation phase, including deposit limitations capped at GBP 50,000.

Bank of England officials have reportedly asked Revolut to commit to developing its risk management infrastructure to align more closely with its international expansion strategy. The Prudential Regulation Authority is also conducting a thorough review of Revolut’s risk controls both within the UK and internationally before issuing it a full banking licence.

To date, Revolut has not commented on these concerns. However, Reuters reported that in July 2025, the company noted that this was one of the most complex mobilisation processes undertaken in the region due to its global scale, and acknowledged that detailed reviews were part of the process. The company emphasized that getting it right was more important than meeting a specific date.

In September 2025, Revolut’s CEO and co-founder, Nik Storonsky, highlighted that obtaining a UK banking licence remained their primary focus, along with transferring customers into the new bank and offering credit products.

Revolut’s Path to Securing a UK Banking Licence

Securing a UK banking licence has not been straightforward for Revolut. The company initiated this process in 2021, navigating challenges related to its global scale and public disagreements with regulators, as well as complexities in compliance and governance.

To learn more about these hurdles and the extensive journey that Revolut undertook, read our recent editorial piece here.