Revolut has reached an agreement with its primary backer, SoftBank, over a change in shareholding structure, marking a significant development in the fintech firm’s efforts to obtain a UK banking license. The Bank of England’s Prudential Regulation Authority (PRA) had required Revolut to consolidate its six classes of shares into one and simplify its ownership structure as a condition for the license.
While other investors had agreed to convert their shares into a single class, SoftBank had initially resisted the change, requesting a larger amount of stock in exchange for relinquishing its preferential rights. After months of dispute, the two companies have now resolved the issue. The agreement does not involve the issuance of new shares to SoftBank and will not have a financial impact on Revolut.
Revolut has been waiting for two and a half years to secure a UK banking license, with delays attributed to concerns at the Financial Conduct Authority (FCA) related to auditing, compliance, and corporate culture. Recent reports indicated that the FCA is investigating whether Revolut allowed money to leave accounts flagged as suspicious by the National Crime Agency, adding to regulatory scrutiny facing the company.
By FCCT Editorial Team
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