Still pending approval for its UK banking licence, Revolut has entered talks with the Financial Conduct Authority (FCA) over the alleged oversight of funds released from accounts flagged down by the National Crime Agency (NCA) as suspicious.
As reported by the Financial Times, the fintech allowed for £1.7m to exit the accounts between July and August, sparking cause for concern from UK regulators. And while Revolut itself highlighted the issue to the FCA, the company has claimed that the funds are significantly lower, amounting to £500,000.
This marks the latest in a series of mishaps for the UK fintech, which includes a previous “material misstatement” in its internal auditing that captured regulators’ attention.
Revolut is currently in a sitting position awaiting its banking licence in what has now become an almost two-and-a-half-year-old decision process.
Ensuring customers and shareholders that this is still going in favour of the fintech, Revolut commented: “As a global financial institution, we work closely with regulators around the world, ensuring that we maintain strong governance and compliance practices across our business,” the Financial Times reported.
“Since our founding in 2015, Revolut has obtained over 70 licences across a range of financial services and we are constantly building on this to ensure our 30m+ customers can continue to use our industry-leading products with trust and confidence.”
Despite all the setbacks, the company has continued to grow significantly, even being touted as the UK’s most valuable private tech company after a successful fundraising round in 2021 saw its value climb to $33bn.