Revolut’s Ambition to Become a Global Bank Takes a Big Leap
The UK’s top fintech company, Revolut, is on the approach of getting the banking license in the UK. This follows the company’s long-awaited release of its financial statements, which showed a profit for the first time. Top UK lawmakers have praised the fintech company’s rapid expansion, but the company has also come under fire for missing financial reporting deadlines, violating EU regulations, and incurring fines. BDO, the company’s external auditors, stated in the 2021 year end report that they had limited capacity for recognizing distortions, including fraud.
As per the latest IPO news, in the fiscal year ending in December 2021, Revolut earned a gain of 26.3m euros in revenues. Revolut’s CFO, Mikko Salovaara, states that the firm aims to become a global bank. He believed the UK banking license would allow them to provide an increasing variety of consumer services, particularly credit. Salovaara claims that the inability of Revolut’s bookkeeping IT systems to handle the company’s expanded scale in 2021 is to blame for the company’s delay in providing crucial financial information. Revolut strives to obtain a coveted UK banking license, despite the company facing an allegation of an abusive work climate.
Revolut is close to getting a banking license in the UK, allowing it to provide more services, including credit, to its consumers. Leading UK lawmakers have praised the corporation as an elevated success story despite complaints for late filing of reports, European regulatory breaches, and fines. Critical financial data was delayed due to IT issues, but the firm has fixed the problem and does not anticipate any future delays.
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