Revolut hits $6B revenue as Bank of England probes its product controls
What's the deal? The Bank of England's Prudential Regulation Authority has ordered a skilled-person review of Revolut's product-approval controls, the Financial Times reported, as the fintech posted 2025 revenue of $6.0 billion, up 46% from $4.0 billion a year earlier.
By the numbers: Pre-tax profit rose 57% to $2.3 billion from $1.4 billion. Retail customers reached 68.3 million at the end of 2025, up 30%, and customer balances climbed 66% to $67.5 billion from $38 billion.
Why now? The review was reportedly ordered around the time the PRA lifted restrictions on Revolut's UK banking licence, which happened on March 11, 2026, after the firm completed its mobilisation phase. That cleared Revolut to offer protected deposits and, in October, unsecured personal loans of £2,000 to £25,000, pitting it against high-street lenders.
The regulatory dimension: The scrutiny mirrors action in Europe, where the European Central Bank temporarily restricted Revolut's European unit from launching new products over shortcomings in approval procedures. Its board was told in July 2025. The ECB also requested an independent review of risk, compliance, and legal functions tied to product launches.
Revolut said it was in “ongoing and constructive dialogue” with regulators, including the European Central Bank.
What could go wrong? The reports do not establish that the PRA has found a breach or imposed any product restriction. The review's practical weight will depend on whether required remediation slows product launches or growth.
What's the endgame? Revolut is converting a vast customer base into a full-service bank. It rolled out banking services gradually to 13 million UK customers at launch and surpassed 70 million customers globally by May 2026.
The signal: Revolut's profits and headcount are scaling fast, but regulators on both sides of the Channel are testing whether its internal controls can keep pace with that expansion. For a firm moving from app to licensed lender, governance — not growth — is becoming the gating factor.
Read more: live.euronext.com, el7.ai, tradersunion.com, investing.com, ft.com
