Revolut, the UK fintech star, faces possible rejection of its long-awaited banking licence application by the Bank of England's Prudential Regulation Authority (PRA), according to the Daily Telegraph.
No reasons were cited, but a setback of this kind could hinder the London-based company's international expansion plans and deal a blow to the UK fintech industry.
The US$33bn-valued firm has been seeking approval from the PRA and the Financial Conduct Authority (FCA) for over two years.
The potential denial of the licence may also disappoint prime minister Rishi Sunak’s government, which has been actively supporting the tech sector. Neither Revolut, the PRA, nor the Treasury have issued any comment on the matter, the paper said.
This comes in the wake of the recent departure of Revolut’s chief financial officer and UK banking boss amid ongoing licensing deliberations.