Their auditors reported that they couldn’t be sure the (reported) 500 million in subscription revenue actually existed because the financial controls were so underdeveloped. I can see why the regulators dont want to give them a banking license. What are the odds of them going the way of Wirecard?
Founded the same time as Monzo and still not fscs insured. I just don't see them as wanting to be a bank. What use is daily interest if my money isn't safe.