Startup companies in the UK banking with Revolut – a British financial technology company that offers banking services – have been banned from securing a UK sponsorship licence to sponsor skilled workers from overseas by the Home Office. Business experts say the Home Office’s decision is counter-intuitive to the UK government’s pro-fintech push.
To qualify for a UK sponsorship licence in the UK, newly-founded companies must provide evidence of a corporate bank account when applying through the government’s new, UK visa and immigration system.
However, Revolut does not hold a full banking licence in the UK. Instead, the tech company uses an ‘electronic money land payments licence’ regulated by the Financial Conduct Authority (FCA), according to a report published by City A.M.