The European Central Bank temporarily restricted Revolut’s ability to launch new products across Europe in 2025 after identifying shortcomings in the FinTech’s approval processes, according to previously unreported details of the regulator’s intervention.

According to the Financial Times, the ECB temporarily limited the ability of Revolut’s European banking arm to introduce new products across the European Economic Area until it addressed deficiencies in governance, risk, compliance and legal controls. The measures were communicated to Revolut’s European board in July 2025 and included a requirement for an independent review of the company’s product approval framework.

The restrictions extended beyond product development. People familiar with the matter told the Financial Times that Revolut’s European unit was prevented from pursuing acquisitions or onboarding new customers outside Europe while the supervisory measures were in force. The ECB declined to comment.

The intervention represented a challenge to the growth strategy championed by chief executive Nik Storonsky, who has encouraged employees to move quickly when developing new products. Speaking on a podcast hosted by venture capitalist Harry Stebbings in December 2024, Storonsky said staff should behave like a “self-guided missile” and added: “They press the button and they reach the goals themselves.”

According to people familiar with the matter, regulators instructed Revolut to review the staffing levels, expertise and independence of teams involved in product approvals. The ECB also required future products to receive sign-off from internal specialists and asked the board to assess the impact of new launches on the group’s capital and liquidity position.

Revolut said it had strengthened its internal controls since last summer. In a statement, the company said: “We are in continuous and constructive dialogue with our regulators, including the European Central Bank, as part of our normal course of operations as a fully licensed bank.” Revolut added that it was “committed to the highest standards of governance and risk management”.

The scrutiny came as Revolut continued a period of rapid growth. Founded in 2015, the company has expanded to 75 million customers and reported a 57 per cent increase in pre-tax profit to £1.7 billion last year on revenues of £4.5 billion. People familiar with the matter said an ongoing share sale values the fintech at $115 billion, up from $75 billion in a 2025 transaction.

Revolut has secured a banking licence in Mexico and applied for a US banking charter. British regulators granted the company a full UK banking licence in March after years of discussions, while Italian authorities fined Revolut €11.5 million in April over information provided to investment customers.

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