The U.K. government is set to meet with representatives

me

 


The U.K. government is set to meet with representatives from fintech company Revolut over its banking license application.

 The company is likely to receive an answer within the next two weeks if it convinces regulators its finances are stable. 

  • If Revolut is granted a full banking license, it will enable it to offer deposits and mortgages, making the fintech company more competitive with traditional financial institutions.
  • According to industry experts, reports that the company misrepresented numbers in its earnings report could hurt its chances of being granted a license.
  • Revoluts auditor DBO stated that the company had misrepresented 75% of its 2021 revenue, leading to a resignation from Revolute's CFO Mikko Salovaara.
  • Founded in the U.K. in 2015, Revolut has previously reached a valuation of $33B, becoming Britain's most valuable startup in 2021.
  • The company has over 6000 employees and over $400M in revenue as of 2022.

Post a Comment

Previous Next

Contact Form