Global fintech company Revolut has been waiting for more than three years to apply for a full banking license in the UK and is currently embroiled in a public spat between UK Chancellor of the Exchequer Rachel Reeves and Bank of England Governor Andrew Bailey.
The controversy, which stems from Reeves' attempt to speed up the approval process by arranging a meeting between Revolut and Bank of England regulators, was blocked by Bailey on the grounds of interfering with the central bank's independent supervision. The incident has raised concerns about the future of the UK's fintech industry, particularly as Revolut considers a US listing, which could affect the UK's status as a global fintech hub.
UK fintech firm Revolut's banking license approval blocked
2025-08-04 05:10:15
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