The Telegraph stated that Revolut’s application for a banking license will be rejected by the Bank of England (BoE).
Fintech and Neobank startup Revolut may be facing a serious hurdle in their crypto venture. According to a report by The Telegraph, Revolut’s long-awaited banking license in the UK may collapse. The UK-based media outlet stated that the BoE intends to reject the company’s application.
Revolut’s Banking License Application May Not Be Approved
Neobank platform Revolut, which gained popularity with its moves towards the crypto industry, may be facing a problem in the UK.
Revolut may run into trouble with the banking license it’s been working on for a long time and finally applying for. The Telegraph reported that the Bank of England (BoE) did not take kindly to this application.
The London-based organization was seeking approval from regulators for licensing in order to increase its work in the UK. Revolut, which has hundreds of millions of dollars in investments, is known as one of the largest Fintech companies in Europe. The rejection of Revolut’s UK banking license application was revealed by The Telegraph.
The Telegraph reported that this refusal could also hit the Rishi Sunak administration.
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