Revolut eyes US expansion amid clash between Chancellor and the Bank of England over its UK licence
The British fintech firm is reportedly weighing up buying an American lender to allow it to operate in the US as the wait for full authorisation in the UK drags on.
Revolut's application for a UK banking licence was approved in 2024 after a three-year delay, but it still faces restrictions on lending.
It emerged this week that Bank of England governor Andrew Bailey blocked Rachel Reeves from brokering a meeting with regulators and Revolut to help the company secure a full licence.
She had tried to set up talks between the fintech, the Treasury and the Prudential Regulation Authority, which is an arm of the Bank. Bailey had concerns that the Bank's regulatory activities should be independent from political interference, the Financial Times reported.
Revolut and the Bank declined to comment. The Treasury has been contacted. The US market would provide access to a large pool of customers and potentially higher deposits.
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