British FinTech Revolut is reportedly very close to obtaining its UK banking licence.

The company, which recently reached 25 million customers, secured an EU banking licence through Lithuania in 2018.

Securing a UK licence would allow the company to hold its British customers’ deposits, instead of relying on a licensed partner.

The news – unearthed by the Mail on Sunday – follows over two years of board members trying to convince the Financial Conduct Authority to approve its banking licence application.

According to the report, it is expected that Revolut will get the green-light for the licence after it publishes overdue accounts this week. It is predicted that the figures will demonstrate that the company has achieved its first-ever yearly profit.

It was recently revealed that the firm was creating a new team to monitor staff behaviour in an attempt to address criticism over an “aggressive corporate culture”.

The new department will include psychologists and behavioural science experts as part plans to drive a more “human” approach in the workplace.

It has been widely reported that concerns around Revolut’s corporate culture have been raised with founder Nik Storonsky by board members that have been pushing for a UK banking licence since early 2021.

Revolut denies that a ‘culture shift’ is underway as a means of placating the watchdog.

A new list of “value-based” behaviours are expected to be outlined in a company-wide town hall meeting later this week, where joint founder and chief executive Nik Storonsky will tell employees they need to be inclusive, approachable and “respectful at all times”, and ask employees to use the “the best tone of voice, time and situation to provide feedback”.

Share Story: