Revolut’s application for a full UK banking licence remains on hold as the Bank of England’s Prudential Regulation Authority (PRA) heightens scrutiny of the company’s risk management controls, according to a Reuters report published 14 October 2025. Although Revolut was granted a restricted UK banking licence in July 2024, further regulatory commitments are now required before the neobank can accept deposits in excess of £50,000 or broaden its product range, including plans to “offer them credit” products to UK customers.
Background and implications
- Regulatory review: The PRA is closely examining Revolut’s risk control infrastructure, particularly in light of the firm’s rapidly expanding international operations.
- Licence status: Revolut currently operates under a limited licence but must address regulator concerns before a full banking licence is approved.
- Leadership focus: Nik Storonsky, Revolut CEO, has confirmed the UK banking licence remains a top corporate priority.
The UK authorities’ approach highlights ongoing priorities around robust governance and enhanced customer safeguards when assessing new payment entrants. Approval of a full banking licence would enable Revolut to expand its services, including the provision of credit products, to a broader UK client base.
Further reading on banking regulation and payments innovation:
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- UK Watchdogs Tighten Grip on Apple Pay & Google Pay
- Using E-Wallets for UK Online Betting
- Common Issues with UK Casino Withdrawals
For more updates on UK payments and regulatory developments, visit our homepage.
