U.K. fintech Revolut has hit yet another roadblock to its longstanding mission of becoming a real bank in its home country: Its full banking license is being held up because the country’s central bank is concerned about whether the startup can maintain its risk management controls in the face of its blazing fast international expansion, the Financial Times reported.

The Bank of England wants Revolut to commit to building its risk management stack to match its international growth before the regulator can approve a full banking license, the Financial Times reported, and regulators are looking at the fintech’s controls in the U.K. and internationally.

Revolut got approval to receive a banking license in the U.K. more than a year ago, but is still in the so-called “mobilization” stage. This phase typically lasts 12 months and imposes deposit restrictions while a bank completes the final steps of setup and the Prudential Regulation Authority or Financial Conduct Authority assess whether it is ready to operate as a full-fledged bank.

Importantly, having a full banking license would allow Revolut to start lending in the U.K., and hold more than £50,000 in customer deposits. The company has 12 million customers in the U.K.

News of the delay comes as Revolut, with more than 65 million customers worldwide, has moved aggressively to expand beyond Britain. The company already has a banking license in the European Union, and it operates in Australia, Japan, New Zealand, Singapore, Brazil, and the U.S. Just last week, it launched operations in India; it is also about to start operating in Colombia in 2026, has plans to launch in Argentina and Mexico, wants to enter Africa (first with South Africa), and has an in-principal payments license in the UAE.

The company has grand ambitions, aiming to reach 100 million customers by mid-2027, and enter over 30 new markets by 2030.

“We are progressing through the final stages of mobilization and continue to work constructively with the PRA,” a Revolut spokesperson said in an emailed statement. “Given Revolut’s global scale, this is the largest and most complex mobilization ever undertaken in the U.K. A thorough review is an expected part of the process, and getting this right is more important than rushing to meet a specific date.”

Per its last annual report, Revolut reported net profit of $1 billion (£790 million) in 2024, while revenues increased 72% to $4 billion (£3.1 billion) in the year. The company also launched a crypto exchange, Revolut X, part of its Wealth division, which saw revenue rise 298% to $647 million in 2024 from just $158 million in 2023.