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The revolution has not yet received the green light from UK financial regulators to provide credit credit services to 11mn British customers, The $ 45bn fintech to be a full-service UK Bank.
The group is still Awaiting Authorization from the Bank of England’s Prudential Regulation Authority and the Financial Conduct Authority after applying for a consumer credit License last year, which would enable it to offer credit cards and other services in the UK, according to people familiar with the Matter.
Credit credit license differs from Reveneut’s banking licensesecured last year from pra with restrictions. However the restrictions limiting banking bank deposits allowed to accept a less than £ 50,000 total.
The credit application promotes that revolution is still awaiting many regulatory permissions to be a fully wiping UK lender.
The company has already offered credit credit services in many EU markets, including credit cards and abilities for customers to pay in Ireland, Poland and Lithuania payments. It plans to launch similar UK services, but it is accepted as likely to be delayed when it will receive the full banking license.
Some consumer credit elements can be beneficial for other products, such as credit scheduling, used in progress to offer rapids in Lithuania, with plans to expand Ireland. The revolution has a Pan-EU’s banking license from Lithuanian authorities.
Fintech secured a UK banking license with restrictions in July after a violation – and sometimes full – Three-year processes with regulators, inspiring plans to expand market group at home.
The restrictions – in the area as long as the pra’s so-called strike – meant to be in addition to the £ 50,000 total depositors, the fintech unable to provide customers with customers with customers. Should meet specific requirements to exit mobility and operate as a bank.
Pra says that the action period “does not continue forever and should no longer be over 12 months”. But it accepts “There are some situations more than controlling the new bank” in its ability to meet the deadline.
Revolution refused to say if it goes out to stir in the 12-month deadline on July 25, with a person familiar with the process that says it is “not a statutory limit”. Executives believe that the revolutionary boiling license is always longer than the company’s habitual size compared to a common applicant.
In the most recent annual report, the group says its purpose is to release mobility “during 2025”.
The revolution said: “Our ambition always develops the bank selected for UK customers, offering products and services that improve their financial life, including credomer credit.
“As part of this ambition, our UK Bank has applied for a credit credit license. We will continue to work on launching new products in our UK customers once the process has been completed.”
FCA and PRA refused to comment.
