British authorities delayed the issuance of Revolut’s full UK banking license.

Regulators explained it with concerns over whether its risk controls can keep pace with the rapid growth of its overseas operations, the Financial Times reports.

Now Revolut has 65mn customers in about 40 countries. In September, the company announced plans to enter markets in 30 more countries and increase its customer base to 100 million within five years.

The Financial Times writes that Bank of England officials have sought commitments from Revolut that it will build its risk management infrastructure to match its “ambitious international expansion plans.”

Revolut was approved for a UK banking license in July 2024 after a three-year wrangle with regulators. A full banking license would allow Revolut to enter the lucrative UK lending market, “putting to work its significant customer deposits.”

The Times reported in September that Revolut was considering a dual listing on the New York and London stock exchanges. According to the paper, Revolut could go public with a valuation of $75 billion.

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