Beyond sports, Revolut introduced a strategic partnership with Wizz Air in March 2025 to integrate Revolut Slots slots Revolut Pay as a major cost method for the airline. In March 2026, Revolut turned official back of blouse companion of Manchester City F.C., extending the relationship with the club to the lads’s staff. In July 2025, Audi F1 Team announced a multi-year deal with Revolut to be the title sponsor of the team, starting with the 2026 season. This partnership was later prolonged to include the back-of-shirt sponsors of each the boys’s and girls’s teams. In 2023, Revolut reported a 35% discount in authorised push payment fraud. On a unique event, Revolut was blamed for overcompliance, as it froze accounts of its prospects with Russian passports and legal residence in Europe in 2025.
Get the newest monetary information, insights and skilled evaluation from our award-winning MoneyWeek group, to assist you understand what actually issues when it comes to your funds. Revolut says it treats every fraud case individually however frequent themes emerge once we speak to victims. We need it to have a greater handle on fraud prevention and to treat customers who lose their savings to classy scammers pretty. It mentioned the €200k fine by the Financial Institution of Lithuania in 2022 associated to a ‘small variety of Brexit-related procedural discrepancies’ in its internal processes, which have since been fixed. On accusations that it had a poisonous work tradition in 2019, it defined that the firm has grown to make use of 10,000 globally and was certified a ‘Excellent Spot to Work’ throughout eight of its markets, together with the UK.
We told victims to face their ground and it eventually reviewed its APP procedures, offering full refunds in all however one fraud case Which? We then printed data from the Financial Ombudsman Service (FOS) that exposed Revolut fraud complaints in 2023 outstripped all banks. It does hold a banking licence in Europe (granted by the Bank of Lithuania) which works as a passport allowing it to offer full banking companies, however a UK licence has proved elusive. Your knowledge shall be processed in accordance with our privateness notice.
This marked Revolut’s first financial institution established outdoors of Europe and turn out to be the primary unbiased digital bank to secure a Mexican banking license by way of a direct software. In January 2026, Revolut utilized for a full banking license in Peru because it sought to expand into Latin America. In December 2025, Revolut entered talks with Blackstone that might see the world’s largest alternative-asset manager providing its funds on the Revolut platform. In September 2025, Revolut secured in-principle approval for funds licence from the UAE.
Although where multiple banks share a banking licence (eg Financial Institution of Scotland and Halifax), they’re handled as one. Cost Methods Regulator knowledge displaying the highest 20 receivers of fraud by absolute worth within the UK in 2022, per million kilos of transactions. Others, similar to PrePay Technologies (the e-money agency behind manufacturers similar to Monese), Revolut and Clever, do provide services to personal prospects directly and all three had been far more uncovered than even the worst of the big banks (Metro Bank and TSB). The two corporations that obtained the most fraudulent funds in 2022 – Clear Junction and BCB Payments – each offer account providers to other financial institutions and controlled firms (not to individual consumers). Information revealed by the Fee Techniques Regulator (PSR) reveals that many extra modern and smaller cost corporations obtain disproportionately greater rates of cash from authorised push payment (APP) fraud than bigger, extra established banks. Perhaps they prefer to shift money away from greater banks which are more likely to block transfers to cryptocurrency exchanges, worldwide accounts and different less traceable systems?
Insufficient Compliance
On 5 March 2026, Revolut announced it had utilized for a US banking license with the OCC and the FDIC. In February 2026, the corporate introduced that it was shifting its plan to ascertain an impartial nationwide constitution and had utilized for a license with the Workplace of the Comptroller of the Forex (OCC). In 2025, Revolut explored an current US financial institution acquisition to further broaden its world footprint. In July 2026, the Australian Prudential Regulation Authority granted Revolut an unrestricted banking licence in Australia. On 11 March 2026, Revolut introduced that they have obtained their full UK banking license, which means that customers will now be protected by the Monetary Companies Compensation Scheme on any deposits underneath £120,000.
Wired reported that the service allowed buying and selling in 300 US-listed shares on the New York Inventory Exchange and Nasdaq. Revolut expanded into investing in 2019 and launched in-app share trading for European customers. The company later expanded into banking, business accounts, lending, subscriptions, investments and cryptocurrency companies. Revolut began as a cellular app linked to a pay as you go card for spending overseas and overseas change. In an 20 April 2026 interview to Bloomberg, Revolut CEO Nik Storonsky acknowledged that the digital financial institution is roughly two years away from an IPO, with a U.S. itemizing as the desire.
In 2016, a former employee approached UK’s Monetary Conduct Authority with claims concerning Revolut’s leadership conduct and compliance practices. Revolut has been topic to criticism and many controversies, corresponding to issues with customer assist and long-lasting lockouts, in addition to anti–money laundering compliance failures and lack of assist for defrauded prospects. After receiving a UK buying and selling licence in 2024, Revolut expanded its funding offering to incorporate UK and EU-listed stocks and ETFs, and later launched a UK shares and shares ISA utilizing ETFs from suppliers together with BlackRock and Vanguard.
- The bank also began allowing staking for holders of proof of stake cryptocurrencies within the UK and EEA.
- You can already use it to buy cryptocurrency, invest in stocks and even book vacation excursions.
- In April 2025, Revolut obtained the Prepaid Payment Devices (PPIs) licence from the Reserve Financial Institution of India (RBI), to supply cost options together with pre-paid playing cards.
- Strictly talking, the time period ‘bank’ should by no means be attributed to Revolut within the UK, regardless of the prevalence of catchy monikers like ‘neobank’ and ‘challenger bank’ utilized liberally to any fintech.
- As nicely as spending within the UK, you can spend in your card and withdraw cash abroad and no charges shall be charged, provided you stay within your monthly allowance and perform transactions on a weekday.
- In 2019, a BBC investigation revealed that an ex-employee had approached the Monetary Conduct Authority (FCA) with concerns about its anti-money laundering processes in 2016.
You can also management your team’s spend and permissions from one place. Whether it is visualising all of the spending patterns you could have or forecasting any future expenses, you’ll get a a lot more comprehensive view of how your small business spends and makes cash with the Revolut app. The Revolut Business Account enables you to hold multi-currency accounts and makes transferring cash overseas a lot much less tense. Many businesses work with clients from all around the world — naturally resulting in loads of worldwide transactions and fees that can quickly build up.
ECB ordered Revolut to fee an unbiased risk review and evaluate staffing levels, expertise and independence within its product approval course of. In July 2025, the European Central Bank restricted Revolut’s European arm’s business activities because of deficiencies within the company’s approval processes. In 2018, The Telegraph reported that within the Summer Season 2018 Revolut disabled its system designed to routinely halt transactions to sanctioned people. One such internal conflict led to departure of two chief danger officers, two money laundering reporting officers, a chief compliance officer, and a chief finance officer, amongst other roles, inside three years. The whistleblower emphasised that the company’s anti-money laundering methods have been totally insufficient and that money-laundering checks were not being properly utilized for choose prospects.
However the Revolut Business Account helps to simplify this process inside the app, offering you with expense monitoring and updates in real-time. There are four pricing plans to choose from here starting at £10/month. These work in an analogous method to private accounts however will provide tools and features that are extra tailor-made in the course of enterprise use.
However now that the British fintech has a full UK banking licence, Revolut is predicted to shake up the market, adding competitors to excessive road providers and other neo-banks like Monzo. On the 2019 reviews of cash laundering failures by the BBC and the Telegraph, it referred to trial of a model new sanctions screening system in July 2018 however said explicitly that ‘at no level did Revolut stop checking transactions for sanctions compliance. ‘In 2023, we reduce the number of fraudulent transactions within the UK via Revolut by over 20%, in addition to preventing over £475m of potential fraud losses to our clients globally. The PSRs set up your rights to a refund in circumstances of unauthorised transactions and place authorized necessities on fee suppliers to use sturdy buyer authentication to reduce the risk of fraud.