Finance
Revolut Wins Long-Awaited UK Banking License From Watchdog
- UK bank license comes with some restrictions for now: Revolut
- Revolut also in talks about share sale that will up valuation
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Revolut Ltd. said it received a British banking license from regulators, a move that allows the fintech firm to better challenge traditional banking giants such as Barclays Plc and HSBC Holdings Plc.
The Prudential Regulation Authority authorized the permit, though it comes with some restrictions, a common step for many new banks in the UK, according to a statement from Revolut on Thursday. It allows the London-based company to enter the so-called mobilization stage, Revolut said.