Revolut is in the process of securing a UK banking license having initially applied in 2021. The company said it was in"the advanced stages of its application," in its most recent set of annual accounts published in March. In an interview with CityAM at the time Salovaara said that the neobank'sThe business has had a full banking license in Europe since 2021, having started life as an e-money institution in Lithuania in 2020.
The company repeatedly missed deadlines to file its 2021 results following a push for stronger internal controls by its auditor BDO after a rebuke by the Financial Reporting Council,The company also recently saw its valuation drop to $17.7 billion in the accounts of one of its backers, Schroders Capital Global Innovation Trust, a UK-listed investment trust. Schroders invested £10.1 million in the company's Series E funding round in 2021 but has since marked down its position to £5.
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