The Bank of England plans to reject neobank Revolut’s application for a banking license in the United Kingdom, The Telegraph reports.
Revolut applied for a license in 2021 for the UK, which would allow it to offer regulator-protected deposits and loan products such as mortgages. The bank is plagued with some problems though. Five top employees, including the CFO, left this year. While Revolut did post a profit over fiscal year 2021, problems with the company’s internal accounting systems were alleged to have arisen.
Revolut did receive a license for the European Union in 2021 and has applied for a license in the US. Urgent talks are now taking place behind the scenes in an attempt to save the permit application.
A spokesman for Revolut said the company does not comment on pending license applications.