Revolut has gone through a pretty painful process to be declared an actual bank in the UK. The fintech, last valued at $33 billion, first submitted its application for a banking licence with British authorities three years ago. The approval process typically takes about a year but Revolut was only awarded its permit from the Prudential Regulation Authority on Thursday. Revolut has been working back and forth with regulators during the intervening years with the licence viewed as something of an endorsement of the fintech’s practices. The fintech also had to grapple with red flags raised by its auditors BDO…

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