UK banking company insists customers’ funds and data are safe despite problems with sign-in, card payments, transfers and withdrawals
Revolut customers have been unable to access their money after the banking app went down, affecting a number of services including card payments, cash withdrawals and transfers.
The UK banking company said its app was down because of a “service disruption” affecting several services, but insisted that customers’ funds and data were safe.
Continue reading...Move into budget market could involve creating new brand in-house or buying virtual network operator
BT is reportedly considering the launch of new a low-cost mobile brand, as the telecoms group explores ways to compete with new rivals in the market including the fintech companies Revolut and Monzo.
The group is exploring options to enter the budget market, which could involve creating a new brand in-house or buying an existing virtual network operator, according to the Financial Times.
Continue reading...Concerns about chancellor’s involvement in independent process over fintech’s banking licence
The governor of the Bank of England blocked a meeting that Rachel Reeves tried to secure with watchdogs and Revolut, amid concerns the chancellor was meddling in an independent process over the fintech’s UK banking licence.
Andrew Bailey intervened after learning of the plan to bring together representatives from Revolut, the Treasury and the Bank’s regulatory arm, the Prudential Regulation Authority, to discuss the fintech’s ambitions to become a fully authorised UK bank.
Continue reading...Move paves way for fintech firm to hold customers’ deposits and offer own-branded loans, including mortgages
Revolut has secured a UK banking licence – with “restrictions” – more than three years after Britain’s most valuable fintech firm lodged its application with regulators.
It is a milestone for the company, though it may still be some time before it can hold its customers’ deposits.
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