UK regulators say Revolut is unable to properly test its payment processes, or there are significant risks

Chain Catcher news, the UK's Financial Reporting Council (FRC) has raised concerns about the audit results of the global fintech company Revolut, stating that its revenue recognition methods are "inadequate," failing to properly test Revolut's payment processes, and presenting a "highly unacceptable" risk of "undetected material misstatements." Additionally, the FRC pointed out that the payment application needs to improve its backend and controls, as it requires a "banking control environment."

It is reported that Revolut was founded in 2015, and after completing an $800 million funding round led by SoftBank and Tiger Global last July, the company's valuation reached $33 billion. In early August, Revolut announced the launch of its operations in Singapore. (source link)