Revolut, which is one of the biggest fintech companies in Europe, hasn't received its full UK banking licence yet. This delay is stopping them from offering credit cards, loans, and overdraft services in the UK. The company says the process is difficult and involves checking a lot of things across many countries, so they're taking their time to make sure everything is done properly.
Revolut has 10 million customers in the UK, but they've also had some issues with following rules, including fines in Lithuania totaling €3.5 million, and there have been concerns about fraud.
These problems have made the approval process more complicated. Also, there has been a lot of interest from political leaders, including meetings with the UK Treasury and the Bank of England, which has led to more checks and questions.
Experts say Revolut won't get any special treatment, even though the company is worth a lot and plans to go public with an IPO.
If they don't meet the rules set by regulators, they might have to buy an existing UK bank or apply for a licence in another country.
A spokesperson for Revolut is still hopeful, saying that the final steps are being taken to get everything ready.
They want to start offering fully regulated services in the UK this year. Regulators are asking for clear plans and timelines to make sure all the requirements are met.
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