Revolut reportedly preparing UK banking licence application
The move comes just a month after Revolut’s CEO of banking Richard Davies announced the startup would be shifting its payment regulatory responsibilities to Ireland and Lithuania ahead of an anticipated loss of passporting rights when the UK leaves the EU later this year.
The move would come late in the day for Revolut, which has operated in the UK without a full banking licence since launching in 2015.
Revolut has never ruled out applying for a UK banking licence, and AltFi understands the fintech has not made any formal application at this time.
Viewed in the context of its application, Revolut’s bolstering of its board with the appointment of Martin Gilbert as chair and Michael Sherwood and Ian Wilson just last week seem positioned to reassure regulators that the business is in safe hands.