Revolut’s bank licence ‘imminent’ as firm marks first year in profit

Charlie Conchie

REVOLUT yesterday said its UK banking licence was “imminent” as the firm revealed it had spent its first full year in profit in 2021, in a much-delayed set of accounts.

of the end of the year, said it had generated a £26.3m profit in 2021.

their personal finances, and it’s essential there is a swift change in regulatory policy.”

The first stage of open banking was deemed materially complete by the Competition and Markets Authority (CMA) earlier this year but progress is now hanging on a series of recommendations from the Joint Regulatory Oversight Committee (JROC), chaired by the Treasury, the CMA, Payments Systems Regulator and the Financial Conduct Authority (FCA).

The co-chairs of the JROC, Sheldon Mills of the FCA and Chris Hemsley of the Payment Systems Regulator, have said previously that the UK has “led the way on open banking” and they were “working with the industry and broader stakeholders as we work at pace to deliver our shared vision”.

The new report from EY and Innovate Finance added that debt advice, offered by fintech firms, could help cashstrapped Brits’ more savvily handle their debts during the cost of living.

EY’s UK head of fintech and the former interim chief of the FCA, Chris Woolard, said there was an opportunity for regulators and industry to work closer together.

The London-based digital banking fintech, which was due to file its accounts in September 2022 and missed an extended deadline