Tag: Revolut

Regulators crack down on BaaS providersB
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November 7, 2023

Bad FinTech News: European Regulators Crack Down On BaaS Providers!

Amy O'Brien published an interesting article on BaaS on Sifted, elaborating on the regulatory hurdles for BaaS providers. The European fintech sector, with 61 unicorns, would now face a regulatory storm. Most notably, the prevalent Banking-as-a-Service (BaaS) model, which fueled the rapid growth of companies like Revolut and Wagestream, is under regulatory scrutiny. Investors shy away from the €100 billion market!
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November 3, 2023

Revolut’s New UK CEO: A Strategic Move Towards Securing Banking License?

In a strategic shift that could signal a new chapter for the fintech giant Revolut, the company has positioned Francesca Carlesi at the forefront of its UK operations as the incoming CEO. This move comes at a critical juncture as Revolut navigates the complex process of securing a banking license in the UK, an endeavor that has proven challenging thus far. The FinTech is struggling despite its 35+ customers and successful international expansion in the UK.
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The path to cyberfinance is covered with bankruptcies and trialsT
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October 10, 2023

The Rise, Crisis, Consolidation, And Reboot of the Global FinTech Scene!

The global financial landscape has undergone a seismic shift over the past two decades, with FinTech and cryptocurrencies at the forefront of this transformation. However, with innovation comes challenges, and the FinTech scene has seen its fair share of highs and lows. From the meteoric rise of companies like Wirecard to the subsequent crises faced by crypto giants, the journey has been tumultuous. Here is a summary and a glimpse into the future.
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Revolut is sued for money laundereing issuedF
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October 5, 2023

FinTech Giant Revolut Removes Another Barrier To Receive UK Banking License!

FinTech unicorn Revolut is streamlining its ownership structure in collaboration with investor SoftBank, paving the way for a long-awaited banking license in the UK. After prolonged discussions, Revolut and SoftBank have reached an agreement. SoftBank had previously sought significant compensation for relinquishing its preferential share class. To secure a UK banking license, Revolut must eliminate preferential shares held by investors, including SoftBank.
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Revolut confirmation statement overdueF
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September 21, 2023

FinTech Giant Revolut’s Financial Reporting Delays Raise Eyebrows

For the second consecutive year, UK fintech giant Revolut has been granted an extension to publish its annual financial results. This delay comes amidst anticipation surrounding the company's UK banking license decision. The firm, which was supposed to release its results by the end of September, has now been given until December by the UK Companies House. This mirrors the delay experienced last year when the 2021 results were only disclosed in March 2023.
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FinTelegram included RoboForex in its Red Compliance listO
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September 18, 2023

Offshore Broker RoboForex Included In Red Compliance List!

RoboMarkets Ltd is a CySEC-regulated broker d/b/a RoboMarkets. RoboForex is the scheme's offshore broker operated by RoboForex Ltd, Belize, regulated by FSC Belize. RoboForex offers its financial services in EEA jurisdictions without regulatory permission. In addition, we found that the broker's website receives a lot of traffic from Russia. We have added RoboForex to our Red Compliance list. Read our latest review.
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Fintechs and neobanks under scrutiny by financial watchdogsF
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August 10, 2023

Financial Watchdogs: FinTechs And Neobanks Under Regulatory Scrutiny As Money-Laundering Avenue!

In 2007, the European Union introduced a directive promoting payment service providers as a competitive alternative to traditional banks. However, in the post-Wirecard era, where the German financial watchdog BaFin faced criticism for its oversight, there's a renewed focus on regulating these entities. The rationale is clear: FinTechs and neobanks are increasingly seen as potential avenues for money laundering.
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Wester Sanctions have no impact on Russian oligarchsS
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July 23, 2023

Sorry, No Impact: Despite Western Sanctions, Russian Oligarch Got Richter While U.S. Billionaires Lost!

In the wake of the "crazy war" in Ukraine, the Russian oligarchs are the strategic focus of the Western sanctions aimed at exerting pressure on the Russian government. Most recently, Oleg Tinkov, an oligarch excommunicated by the Kremlin, has called his former comrades cowards and urged them to take action against Putin. However, according to the latest Forbes statistics, Russian billionaires have become significantly richer since the outbreak of the Ukraine invasion.
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Revolut is sued for money laundereing issuedA
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June 16, 2023

Another Blow Against Revolut: Molten Ventures Reduces The FinTech’s Valuation By 40%!

Venture capital firm Molten Ventures has written down its holding in Revolut by 40%. and discounted the value of its £7 million stake in Revolut from £91.3m in March last year to £54.5m at the end of March this year. Molten Ventures follows other investors, including Schroders, which devalued its investment in Revolut by approximately 46% in April. These recent events underscore concerns about Revolut's path to profitability and the regulatory challenges it confronts.
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N26 co-founder Maximilian Tayenthal pledges part of his sharesI
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June 8, 2023

Interesting: N26 Co-Founder Maximilian Tayenthal Pledget Substantial Part Of His Shares!

Founded by Austrians in Germany, the startup N26 is one of the European fintech unicorns alongside Revolut, Monzo, or Wise. 42-year-old N26 co-founder Maximilian Tayenthal is said to have pledged 3,000 no-par shares, representing 2% of the N26 share capital, in exchange for a loan from Austrian private bank Schelhammer Capital Bank reports Finance Forward. In total, Tayenthal still owns about 9.5 percent of the company.
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Revolut is sued for money laundereing issuedB
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May 22, 2023

Business Client Sues Revolut Over Fraud Facilitation And Money-Laundering Violations!

Revolut, the troubled UK fintech, is facing a lawsuit for facilitating a £600,000 fraud, according to a report by This Is Money. Terna Energy Trading, a company listed on the Athens stock market, has initiated legal proceedings against Revolut, claiming that the fintech firm violated money laundering regulations by failing to prevent a "fraudulent" transaction that took place last year. The court battle will present another challenge for Revolut co-founder and CEO Nik Storonsky.
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Nik Storonsky desperately needs the UK banking licenseP
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May 19, 2023

Power Struggle: Revolut May Or May Not Be Granted A Banking Licence In The UK!

Over the last 48 hours, rumors have been circulating about granting the UK banking license to Revolut. One hears that the regulators would deny Revolut the banking license. There was also talk that Revolut had offered the regulators to withdraw the application. The Guardian reports that the UK government intervened and coordinated talks with Revolut as part of its growth strategy. Founded in 2015 by Russian-born Nik Storonsky, Revolut is the highest-valued FinTech in the UK.
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