Fintech closes in on $45bn valuation as it secures approval from regulators
At Revolut’s Canary Wharf headquarters, neon signs exhort staff to “get shit done”. Yet the start-up’s rocky journey towards becoming a full-fledged bank in its home market has been uncharacteristically slow. On Thursday, Revolut announced that regulators had granted the London-based fintech a UK banking licence, more than three years after it formally applied.
She has been focused on improving the bank’s compliance culture by creating new approval processes for every feature Revolut seeks to launch, according to another person familiar with the move. The company has addressed concerns over its internal controls, which caused auditor BDO to warn that the bulk of its 2021 revenues “may be materially misstated”.
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