Revolut's global ambitions are hanging in the balance as the financial services group struggles to secure a prestigious British banking licence. David Jarvis, the boss of Griffin, a newly authorised UK bank, said Revolut would struggle to gain licences elsewhere if its application was ultimately unsuccessful in the UK. A UK banking licence would allow it to hold customer deposits and lend money – which is becoming more lucrative as interest rates rise. At the time, Salovaara insisted that Revolut was on course to get a UK banking licence 'any day now'. Analysts said rather than reject Revolut's application outright, the Bank of England may ask it to withdraw its application instead.

Source: Daily Mail May 14, 2023 07:20 UTC