Rebellion so far to receive a major credit license from the UK organizers

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Revolution has not yet received the green light from the financial organizers in the United Kingdom to provide consumer credit services for its 11 million customers in Britain, which represents the latest obstacle in its favor. $ 45 billion Findte The UK Bank becomes integrated.

The group is still awaiting permission from the Wisdom Organization Authority at the Bank of England and the financial behavior authority after applying for a credit license for the consumer last year, which will enable it to provide credit cards and other services in the United Kingdom, according to the people familiar with the matter.

Consumer credit license is separate from UK bank banking licenseWhich I got last year from PRA with restrictions. However, the restrictions limit the deposits that allows the banking unit to be accepted to its acceptance to a total of 50,000 pounds.

The credit request highlights that the revolution is still awaiting many organizational permissions to become an entire lend in the United Kingdom.

The company already provides consumer credit services in many European Union markets, including credit cards and customer ability to pay in installments in Ireland, Poland and Lithuania. It plans to launch similar services in the UK, but it accepted that this is likely to be delayed until after receiving his full banking license.

Some elements of consumer credit license will be useful for other products, such as credit registration, which are used by a revolution to provide quick approvals on real estate loans in Lithuania, with plans to expand this service in Ireland soon. Revolution is already enjoying a banking license for the European Union prayer from the authorities in Lithuania.

Fintech obtained a UK bank license with restrictions last July after a long time – and Sometimes reserved -A three -year operation with the organizers, and to provide a boost for the group expansion plans in its local market.

The restrictions-in its place as long as the revolution remains in the alleged phase of PRA-that, in addition to the total of the total deposit, which was secured by the UK guarantee plan, Fintech cannot extend loans to customers. It needs to meet some requirements to get out of packing and work as a bank.

PRA says that the filling period “cannot continue indefinitely and should not take more than 12 months.” But he accepts “there may be some circumstances that exceed the control of the new bank” in its ability to fulfill the deadline.

A revolution refused to say whether it would come out of the mobilization by the deadline for 12 months on July 25, with one person familiar with the process, saying it was “not a legal limit.” Executive officials believe that the Droclut bank license was always likely to take longer than usual due to the company’s largest size compared to the model applicant.

In its latest annual report, the group said that its goal is to get out of the mobilization “during the year 2025”.

“We have always made the preferred bank revolution for UK customers, and to provide products and services that improve their financial lives, including consumer credit,” said Rediolet.

“As part of this ambition, Bennin in the UK applied to obtain a credit license for consumers. We are continuing to work closely with the UK organizers and we are building towards the launch of our bank in the United Kingdom, and we look forward to providing new products to our UK customers once this process is completed.”

FCA and PRA refused to comment.