Revolut is beefing up its lobbying team in its marathon effort to obtain a British banking licence.
The financial technology firm is seeking a UK Government affairs manager for its team in London, where it has failed to convince regulators it merits a licence as a full-scale lender.
In March last year it said it expected to receive a UK banking licence ‘imminently’, but this did not materialise.
The company applied for a licence from the Bank of England in 2021, which would allow it to expand its services in Britain into taking deposits, making loans and offering credit cards.
It was thought the process would take about two years. But nearly three years on, it is still wading through demands from the central bank’s Prudential Regulation Authority.
Waiting game: In March last year, Revolut said it expected to receive a UK banking licence ‘imminently’, but this did not materialise
Its services currently include international payments and investments, but it cannot lend money or take deposits.
The job advert says the adviser must understand the ‘threats and opportunities’ presented by legislation, regulation and Government policy.
The firm, whose all-in-one payment app is popular with young people, reported bleak annual results last month, as it swung from a £40 million profit in 2021 to a £25 million pre-tax loss in 2022.
That includes a £17 million hit it took in the first quarter of the year after an IT flaw let criminals siphon millions from its corporate accounts.