Fintech Revolut Probed by the Bank of England as It Seeks Global Expansion
What's happening
The Bank of England's Prudential Regulation Authority has opened a formal review into Revolut's product approval process, issuing a section 166 to investigate risks tied to the speed of the fintech's product launches. The scrutiny comes as Revolut, which says it has over 80 million customers and 850,000 business customers, is expanding its UK banking offering by launching unsecured personal loans of 2,000 to 25,000 pounds repayable over one to five years. At the same time Revolut is pursuing global growth through partnerships such as a Revolut Pay integration with Just Eat Takeaway.com and plans that market watchers expect could include issuing debt as soon as 2027, according to S&P-related coverage.
Why it's trending
Regulators stepped in after concern about how quickly Revolut is rolling out new products, while Revolut is simultaneously scaling lending, partnerships and financing plans.
SignalHolding at its usual pace, confirmed across 1 independent source type.
Story volume
Stories per dayAngles you could write
If Revolut slows product launches after the PRA's section 166, that will be the moment incumbents finally breathe easy, and fintechs should pay attention to launch governance, not just growth metrics.
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Original sources7
- Revolut Pay partners with Just Eat Takeaway.com to launch rewarding checkouts across the UK and Ireland
Revolut, the global bank with over 80 million customers and over 850,000 business customers, has announced a strategic payments partnership with Just Eat Takeaway.com, a global leader in on-demand delivery with 362,000 partners and millions of users worldwide. Source
Open Banking ExpoOct 28 - Fintech Revolut Probed by the Bank of England as It Seeks Global ExpansionTipRanksOct 27
- Bank of England orders review of Revolut product approvals - FT
The Bank of England has instigated a review into how Revolut's product approval process works, according to the Financial Times.
FinextraOct 27
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