UK government woos Revolut as fintech favours US for potential IPO

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Financial Times 13h ago

UK government woos Revolut as fintech favours US for potential IPO - Financial Times

Quick Summary:

Siddiq said earlier this year ahead of the July election that Labour would push the Financial Conduct Authority to “tear down the barriers to competitiveness and growth” if elected.

Revolut’s bank licence application was stalled by a series of problems including its auditors warning that they could not fully verify the provenance of its revenues in delayed 2021 accounts and the departure of key executives.

The company was given a boost last month when it received a UK banking licence after a drawn-out three-year process with the regulators.