The UK’s Prudential Regulation Authority (PRA) told the government in March, according to The Telegraph, that it intended to issue a warning notice to Revolut over concerns around the fintech’s balance sheet.
Revolut has reportedly claimed auditors’ concerns were about revenues, not the balance sheet.
According to The Telegraph, the warning has not been issued and talks are ongoing to ensure the licence application is successful.
Revolut’s existing services will not be affected if it is refused a licence but the company would be unable to offer mortgages and loans to UK customers.
