Revolut’s UK banking licence bid is delayed again, as the Bank of England demands stronger risk controls amid its global expansion.
OpenAI will allow mature content on ChatGPT for verified adults starting in December, part of a “treat adults like adults” shift.
The FCA moves to let asset managers tokenise funds on public blockchains like Ethereum to attract younger investors.
And iCOMAT opens the UK’s first advanced space composites factory, backed by £8.2 million and expected to create 2,000 skilled jobs.
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Revolut banking licence delayed over risk concerns
Revolut’s bid for a full UK banking licence has been delayed again, with the Bank of England raising concerns about whether the fintech can maintain robust risk management amid rapid global expansion.
Though it received preliminary approval over a year ago, Revolut remains in the “mobilization” stage, a temporary phase that caps deposits and restricts lending.
Regulators want its risk framework to match its footprint across India, Colombia (2026), Argentina, Mexico, and Africa, as it targets 100 million customers by 2027.
The company reported $1 billion net profit and $4 billion revenue in 2024, driven by its Wealth division and Revolut X crypto exchange.
Revolut said it’s working closely with regulators and described the review as the “largest and most comprehensive” in its history.
OpenAI to allow erotica, custom personalities on ChatGPT
OpenAI will begin allowing mature content, including erotica, on ChatGPT for verified adult users starting in December, CEO Sam Altman announced.
The move reverses earlier restrictions imposed to protect vulnerable users but deemed overly limiting for adults.
As part of a broader “treat adults like adults” philosophy, users will also be able to customize ChatGPT’s tone, making it more human-like, casual, or formal.
The announcement coincided with Meta’s new PG-13-style content filters for teens on Instagram and its AI tools.
FCA opens door to public blockchain fund tokenisation
The Financial Conduct Authority (FCA) has proposed allowing asset managers to tokenise funds on public blockchains like Ethereum, a major shift from current reliance on private ledgers.
Tokens would represent fund shares, making investing cheaper, faster, and more accessible, especially for younger investors, who make up nearly half of UK trading app users.
The FCA is also seeking feedback on using stablecoins for settlements and may allow regulated funds to invest in crypto in the future.
While industry groups hailed the move as transformative, the regulator warned of consumer protection and market stability risks.
UK, US sanction Southeast Asia scam network
The UK and U.S. governments have jointly sanctioned a transnational fraud network operating illegal scam centres in Cambodia and Myanmar, where trafficked workers are forced to run romance and crypto scams under threat of torture.
UK assets frozen include a £12 million North London mansion, a £100 million office building, and flats linked to leader Chen Zhi and entities like Prince Group and Byex Exchange.
The action, coordinated with U.S. OFAC, aims to disrupt global fraud, protect victims, and stop illicit profits from flowing into UK property.
FUNDING FLASH
UK startups raise £6.8B in record Q3
UK startups and scaleups secured £6.8 billion ($9 billion) in venture capital in Q3 2025, the second-highest Q3 on record and strongest quarter since 2021, per HSBC Innovation Banking UK and Dealroom.
With £13 billion invested year-to-date, the UK is on track for £17.4 billion in 2025, its best year since 2022. Fintech led (£4 billion), followed by healthcare (£2.4 billion).
Notable rounds: Revolut (£1.5 billion) and NScale (£753 million). Investment is also decentralising: 45% of deals occurred outside London, led by Cambridge (£1.5 billion), Oxford (£305 million), and Cardiff-Newport (£130 million).
iCOMAT opens UK’s first space composites factory
iCOMAT has officially opened the UK’s first advanced space composites factory in Hardwicke, Gloucester, backed by £4.8 million from the UK Space Agency and £3.3 million in co-funding.
The 45,000 sq ft ACMA facility uses Rapid Tow Shearing (RTS) technology to produce lighter, stronger spacecraft components for satellites and rockets.
Operating on an open-access model, it will support deep space missions and expand into aerospace and automotive sectors, creating 2,000 skilled jobs.
SymTerra raises £1.1M to fix construction comms
London startup SymTerra has raised £1.1 million to solve the construction industry’s $280 billion communication problem.
Founded by ex-Mace project manager Sarah Crawley, its mobile-first platform enables real-time photo, video, and update sharing between site teams and offices.
Backed by industry leaders including ex-Bouygues UK CEO Fabienne Viala, SymTerra will expand across £10 billion+ infrastructure projects.
Already profitable after a £1.4 million pre-seed round, it aims to become the sector’s leading communication hub.
Spex Capital commits €30M to healthtech fund
London healthtech investor Spex Capital has committed €30 million to its new €100 million Venture HealthTech Fund, targeting Seed to Series A/B startups in Europe and the U.S.
The fund will invest up to €5 million per company, leveraging partnerships with EIT Digital and Penn Medicine for clinical validation.
Classified as an EU Article 9 impact fund, it addresses challenges like ageing populations and rising costs, aiming to close Europe’s later-stage funding gap and prevent talent from migrating to U.S. capital.
EQUALLY IMPORTANT
Cisco: Only 16% of UK firms AI-ready
New Cisco research reveals only 16% of UK companies are fully prepared to deploy AI safely.
Despite 82% planning to implement AI agents within a year, most suffer from “AI infrastructure debt”, outdated systems, poor data integration, and security gaps.
Fewer than 1 in 3 feel capable of mitigating AI-specific risks like data leaks or model manipulation.
CEO Sarah Walker warned firms must urgently upgrade infrastructure to avoid wasted investment and security breaches.
IMF: UK to have highest G7 inflation through 2026
While GDP growth is projected at 1.3% in 2025, per capita growth lags at just 0.4–0.5%.
The report cites risks from global trade shocks, high public debt, and elevated borrowing costs, urging tighter fiscal policy.
Chancellor Rachel Reeves welcomed the growth upgrade but acknowledged ongoing pressure on households.
Oracle to deploy 50,000 AMD MI450 chips
Oracle Cloud Infrastructure will deploy 50,000 AMD Instinct MI450 AI chips starting in H2 2026, offering a Nvidia alternative for large-scale AI workloads. The chips form 72-unit rack systems optimised for inferencing.
The move follows OpenAI’s multi-billion-dollar deals with AMD and Oracle, including a potential 160 million-share stake in AMD.
Oracle aims to compete with Microsoft, Amazon, and Google in cloud AI, while AMD challenges Nvidia’s 90% data centre GPU dominance.
NVIDIA launches DGX Spark AI developer PC
NVIDIA has unveiled the DGX Spark, a $3,999 AI developer PC weighing just 2.6 pounds. It packs the GB10 SoC (20-core ARM CPU + Blackwell GPU), 128GB RAM, 4TB storage, and Wi-Fi 7, running DGX OS (custom Ubuntu with full AI stack).
Early recipients include Google, Meta, Hugging Face, and Microsoft. CEO Jensen Huang personally delivered one to Elon Musk at SpaceX. The compact system enables on-site AI development for labs and offices.
WORTH NOTING
However, OpenAI clarified it retains full decision-making authority, raising questions about the council’s influence. Critics note similar advisory bodies at Meta have often been ignored.
BlueCrest ordered to pay $101M in FCA settlement
The FCA has secured $101 million in redress for investors in a fund sub-managed by BlueCrest Capital Management, co-founded by billionaire Michael Platt.
Between 2011–2015, BlueCrest favoured its internal fund over external investors, giving the latter “substandard service.”
Originally seeking $700 million and a £41 million fine, the FCA settled to close the case. BlueCrest, which did not admit wrongdoing, agreed “to draw a line under the matter.” Compensation applies to non-U.S. investors.
Spotify, Netflix partner on video podcasts
Spotify and Netflix will distribute video podcasts on Netflix starting in early 2026, beginning in the U.S. The curated lineup includes sports, true crime, and culture shows from Spotify Studios and The Ringer.
Video consumption on Spotify is growing 20x faster than audio, with 350 million users streaming video. The deal marks a strategic pivot after billion-dollar podcast bets failed to yield profits, aiming to boost discovery, creator reach, and ad revenue.
Lovelace Report: UK loses £3.5B as women leave tech
A new Lovelace report finds the UK economy loses £3.5 billion annually as 40,000–60,000 women exit tech, due to stalled promotions, pay gaps, and lack of leadership pathways. While 90% aspire to lead, only 25% believe it’s achievable.
The report, released on Ada Lovelace Day, also notes women are 14–22% more likely to face digital poverty. With a projected 100,000 shortfall in AI and cybersecurity talent by 2030, retaining women is critical to the UK’s tech ambitions.
