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Revolut close to finalizing 2021 accounts as fintech seeks U.K. license - sources

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Date: 2023-01-13 23:18:14

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The Revolut filing will likely show a rise in 2021 revenue from clients’ subscriptions and exchange rate fees, the person said. It is unclear how profitable the company will be after losing 200 million pounds the previous year.

Storonsky said in November that the firm was profitable and that did not need to raise further funds.

The accounts may help the entrepreneur to convince UK regulators that Revolut is ready for a banking license after a two-year wait.

To win it, Revolut also needs the consent of the Financial Conduct Authority (FCA), according to regulatory guidance.

Revolut is likely to opt for an “authorization with restriction,” where it will operate with limits on customer deposits before becoming fully operational as a bank after a trial period, the same person said.

It will not be the first start-up to go down that route.

Starling Bank and Monzo also received banking licenses with restrictions in 2016. For Monzo, it took about eight months to have the restrictions lifted.

Britain is a key market for Revolut, which aims to become a global financial firm. The company is already using its Lithuanian license as a passport into the European Union. (Reporting by Stefania Spezzati; Editing by Elisa Martinuzzi and Tomasz Janowski)

Original Source: https://financialpost.com/pmn/business-pmn/revolut-close-to-finalizing-2021-accounts-as-fintech-seeks-u-k-license-sources