The Financial Times has reported that Revolut could be set to clear a major obstacle to attaining a UK licence, this week, when it signs off on its financial accounts after months of delays.
According to the report, the UK-based company’s audit committee will meet on Thursday to approve the 2021 financial accounts, which are then expected to be signed off by auditor BDO on Friday.
Although the accounts for the year ending December 2021 were required to be submitted to Companies House in September 2022, the fintech was given an extension until the end of December to improve its internal compliance controls. It was a deadline that the company, which has been seeking a UK banking licence since early 2021, also failed to meet.
Britain is a key market for Revolut and it is believed that a UK banking licence would help boost profitability at a time of high interest rates. It could also make it a more attractive proposition for regulators to offer it licenses in other markets. The company, which aims to become a global financial firm, is currently using its Lithuanian license as a passport into the European Union.
It was previously fined €70,000 at the end of last year for failing to submit audited annual financial statements to the Bank of Lithuania in due time, in violation of Lithuanian laws on financial institutions.
