Bank of England orders review of Revolut product approvals - FT

The Bank of England is closely examining how Revolut, one of the world's largest fintech firms, rolls out and manages new financial products. This regulatory review follows Revolut finally securing a UK banking license, but it comes with strings attached. Regulators are specifically looking at the internal controls Revolut uses to ensure their products are safe for consumers and compliant with financial laws. For retailers and merchants, this is a signal that the 'move fast and break things' era of fintech is being replaced by heavy supervision. If you use Revolut for business payments or offer their financing tools to your customers, expect potential delays in new feature rollouts or changes to how current products are managed. The UK regulator is effectively setting a high bar for fintechs that want to act like traditional banks. This scrutiny ensures that the financing tools you offer customers are stable, but it also means the compliance burden for these lenders is increasing. As these companies scale, they are being forced to trade some of their famous agility for stricter corporate governance.

Source: Finextra — Lending

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