Revolut wins UK banking license as neobanks take on the establishment

Revolut has finally won a UK banking licence, intensifying the neobank threat to traditional finance. The breakthrough ends a painful wait for Europe’s most valuable fintech firm, which first applied for a licence in January 2021. Regulators were reportedly concerned about Revolut’s accounts, but politicians offered vocal support. Jeremy Hunt, the former chancellor, called the company a “shining example from our world-beating fintech sector.” With the new license, Revolut can push that sector further into mainstream finance. But first, the company must complete a “mobilisation stage,” designed for testing systems before a full launch. According to the Bank of England, this…

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