The Bank of England has requested an independent review of Revolut's procedures for approving new products, according to a report by the Financial Times dated 27 October. The review was reportedly ordered by the Prudential Regulation Authority (PRA) earlier in the year, around the time Revolut obtained its full UK banking licence in March. Both Revolut and the Bank of England declined to comment on the report.
The mechanism being used is Section 166 of the Financial Services and Markets Act, which allows the supervisor to require intervention by outside experts, with the firm under review bearing the cost of the examination. The PRA presents the tool as a way to diagnose risks, track how they evolve and assess the strength of a firm's control systems. A review of this kind does not by itself amount to a sanction or proof of wrongdoing, though it can lead the regulator to request corrective measures. In Revolut's case, the review is understood to concern the validation of new products, with a focus on the mechanisms governing their launch and the risk assessment carried out beforehand.
A long road to full banking status
Revolut applied for a UK banking licence in 2021 and was granted a restricted authorisation in July 2024. On 11 March 2026, the company announced that the PRA had lifted those restrictions and authorised the launch of Revolut Bank UK Ltd. Customers are being transferred to the new banking entity gradually. Obtaining full banking authorisation does not end the Bank of England's oversight of Revolut's banking activities, which remain under supervision.
Growth continues alongside scrutiny
The regulatory scrutiny comes as Revolut posts strong financial results and pushes further into UK lending. On 26 October, the company announced it would offer unsecured personal loans in the UK ranging from £2,000 to £25,000.
According to its annual report, Revolut recorded £4.5 billion in revenue in 2025 (around €5.3 billion), up from £3.1 billion in 2024. Pre-tax profit reached £1.7 billion, roughly €2 billion, an increase of 57%. Customer balances, including those held with partner institutions, rose 66% to £50.2 billion. Revolut's loan portfolio, by contrast, remained comparatively modest, reaching £2.2 billion by the end of 2025.
Reuters placed Revolut's private valuation at $115 billion in an analysis published in early October, underlining the scale the company has reached as it moves from a predominantly card-and-payments business into banking and credit products across European and UK markets.
For a company expanding its regulated footprint this quickly, the PRA's decision to bring in outside reviewers to examine how new products are vetted before launch is a reminder that growth of this pace draws closer supervisory attention, even without any finding of fault being made public.
