Revolut Chairman to Meet with UK Regulators Amid Banking License Impasse

Revolut's chairman, Martin Gilbert, is expected to meet with UK's Prudential Regulation Authority (PRA) officials this week in an effort to resolve an impasse in Revolut's application for a UK banking license.

The application process has been ongoing for months, and regulators were reportedly preparing to reject Revolut's application altogether.

A license is seen as important for international credibility and reducing the company's cost of capital.

However, Revolut has been beset by compliance and governance issues recently, including the loss of its finance chief and misstated revenues in its delayed 2021 results.

Revolut's CEO, Nik Storonsky, has publicly criticized the UK government and watchdogs over the length of time its banking license application has taken and threatened to move the company's headquarters overseas.