European bank regulators have restricted Revolut's new product launches for the EEA region. This matter only applies to Revolut Bank UAB, its EEA entity. Separately, the group is planning to launch a private bank at some point.

The European Central Bank curbed the ability of digital banking platform Revolut to launch new products last year, identifying shortcomings in its approval processes, the Financial Times reported on 10 July. The report demonstrates that scrutiny on relatively young financial firms remains a thorny topic.

WealthBriefing understands that the ECB's review focused on enhancing Revolut’s New Initiatives Approval Process (NIAP) for the European Economic Area (EEA) which is the internal rulebook for launching new products. The review only applies to Revolut Bank UAB (RBUAB), the firm’s EEA entity and not the overall group. 

The FT did not state whether or not the curbs were still in force. When asked by WealthBriefing, the ECB declined to comment on specifics. 

"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 told WB in a statement yesterday. “Revolut is committed to the highest standards of governance and risk management. In line with supervisory expectations, we regularly strengthen our internal control environment and operational processes.”  

According to one report – from AML Intelligence – regulators said that Revolut needed to address “deficiencies” in its approval processes. The FT said that the ECB had ordered Revolut to commission an independent review of the risk, compliance and legal functions involved in product launches. The FT, quoting a person “close to Revolut,” said it had strengthened its internal product launch process after last summer. This included enhanced reviews by internal specialists.

The firm has rolled out several branches and updated products in the EEA – including setting up branches in Portugal, Belgium and Hungary. It has also given clients local international bank account numbers (IBANs), offered mortgages in Lithuania, “Independent Teen” accounts in Ireland, joint savings accounts, and made other moves. In 2026, Revolut hit customer milestones achieving seven million clients in France, six million in Spain, five million in Italy and three million in Germany. 

The mass-affluent/private banking arena
Revolut plans to launch a private bank later this year aimed at HNW and mass-affluent clients, targeting those putting in at least £500,000 ($667,696) of deposits or assets. 

This area is an important battleground. For example, challenger banks such as UK-based Monument Bank, have specifically targeted the "mass affluent" demographic – professionals and entrepreneurs with a net worth between £250,000 and £5 million. Getting this segment right is demanding because it requires the ability to deliver mass-customisation at scale. Other players in the area include JP Morgan Chase, which bought UK digital wealth manager Nutmeg and folded its investment services into the Chase app. 

The UK’s mass-affluent and affluent segments represent more than £4 trillion of wealth, according to a 1 July 2025 report from Curinos.com, which says it is an AI-driven market intelligence business serving financial institutions. 

Some banks have hiked their minimums for new clients, for example Coutts (as reported here). As compliance and technology costs have risen, it has put pressure on private banks to shift segment boundaries. Coutts' change also demonstrates how, as fiat currencies such as sterling have been debased over the decades, a £1 million figure is not the potent sum that it used to be, even though the million-mark is still used as a rough indicator of the base for being a “high net worth individual.”

Example of Revolut app