Fintech Revolut has moved one step closer to securing a UK banking license, as it signed a share deal with its Japanese investor Softbank to break down a major barrier. The Bank of England ordered Revolut to collapse its six classes of shares into one as a requirement for a full licence, which has now been pending for two and a half years, the Financial Times said. Successfully applying for a banking licence would require Revolut to get rid of preference shares held by investors, such as Softbank.

(c) 2023 City A.M., source Newspaper