The metropolitan police has confirmed that an investigation had been opened after receiving a complaint from a company based in London in early February. The National Bureau of Intelligence against Fraud, a branch of the City of London police, is also evaluating the issue.
This Fintech was valued at 1,700 million dollars in its last cash flow and has registered a rapid expansion since its inception as a monetary application to travel. Currently, it plans to offer services ranging from consumer loans to the sale of shares without commissions.
The company is known for its commercial banking services, but the case that the investigation investigates is related to its division of Revolut for Business. Which offers multi-currency accounts without commission to change money and with the option of executing international transfers between companies of medium or small size.
According to the Financial Times, a currency trader filed a complaint for a payment of 70,000 pounds that had not been returned to his wife’s company at the time. In turn, the trader explains that Revolut ignored the complaints to the point where those affected had to spread the message through social networks only to see how the fintech blocked the complaints and questions.
Not alone in the fire
Revolut is not only under scrutiny in the UK, but is also being investigated by the authorities in Lithuania, where it received its banking license for Europe last year. However, it should be noted that the investigations to companies is common in the Nordic country after the entities request the license.
Revolut CFO Peter O’Higgins resigned from his position last week, saying he wanted to work with someone who had more experience in global retail banking at this level. In turn, the company stressed that the departure of O’Higgins had not been related to compliance problems.