Revolut, one of the UK’s most prominent fintech firms, is still waiting for approval to offer credit cards in its home market. Despite operating in over 30 countries and holding a valuation of $45 billion, the company continues to face delays from UK regulators.
According to the Financial Times, Revolut is awaiting a consumer credit license from both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). This license would allow the company to provide credit products such as personal loans and credit cards in the UK, services it already offers in parts of Europe.
The delay is not entirely new for Revolut. The company only secured its UK banking license in 2024, after first applying in 2021. That process took three years and concluded with a license that came with limits. For example, Revolut’s banking division can only accept deposits up to £50,000 per customer.
Now, the wait continues, this time, for a credit license that is separate from the banking license already in place. Sources told the FT that the company does not expect to launch credit products in the UK until it receives full regulatory approval.
The long timeline is partly due to regulatory caution. Revolut’s rapid growth, global reach, and past concerns around financial reporting have attracted close attention from authorities. It appears that moving fast and breaking things, once a Silicon Valley motto, doesn’t work quite as well when financial regulators are involved.
Despite these setbacks, Revolut has not slowed down its product development. It has introduced new mobile phone plans and plans to launch an AI-powered assistant soon. Yet, the lack of credit offerings in the UK remains a noticeable gap in its ambitions to become a full-service bank.
Elsewhere in the credit space, there’s growing focus on underserved consumers. In a recent interview with PYMNTS, Concora Credit CEO Bruce Weinstein highlighted that between 60 and 100 million Americans fall into the “non-prime” category, consumers who are often overlooked by traditional banks. These individuals still need access to credit but have fewer options and face higher barriers.
Revolut aims to address similar gaps in the UK market. But without regulatory approval, its hands are tied.
For now, the company remains in a holding pattern. Its ambitions are clear, but in the world of banking regulation, ambition alone doesn’t open doors. Approval takes time, and in Revolut’s case, quite a bit of it.
