Category Archives: Revolut

BT ‘considering low-cost mobile brand’ as Revolut and Monzo plan launches

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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.

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Bank of England governor blocks Rachel Reeves’s Revolut meeting

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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.

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Revolut finally receives UK banking licence after three-year wait

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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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