Malhotra urged Indian banks to inventory the AI models they use and establish board approved AI governance policies, while arguing that banks cannot afford to avoid the technology because of its risks. The BRICS discussion is less advanced, but it has progressed beyond India's proposal earlier this year.
AI Governance Is Becoming A Bank Operating Responsibility
The RBI has been working toward this point for some time. India's FREE-AI framework was developed around responsible AI use in finance, including governance, explainability, privacy, fairness and risk controls. The central bank has also been expanding its model risk work beyond credit models into other operating areas.
Malhotra's August remarks make the institutional responsibility clearer. A bank cannot govern AI well if it cannot identify which models are running, where they are used or who owns the decisions around them. An inventory creates the starting record. Board approved governance then establishes responsibility above individual technology teams.
That becomes more important as AI spreads beyond analysis into customer service, credit, fraud detection, risk management and other live banking functions. Cybersecurity and operational risk also grow with the number of systems, vendors and data connections involved.
Canada is dealing with more or less the same operating problem. OSFI and GRI's financial AI work found that regulated deployment depends on practical controls around identity, cyber risk, financial crime, third party providers and customer outcomes. More than 170 participants contributed to that work, with 72% reporting AI use at work in financial services.
Financial regulators are asking institutions to prove control over AI that is already being used. For banks, model inventories, ownership, monitoring and escalation are becoming part of normal operating discipline.
BRICS Payment Links Advance From Proposal To Discussion
The payments comments are at an earlier stage.
In January, India proposed that BRICS members consider linking their official digital currencies for cross border trade and tourism payments. NCFA captured that proposal in its January BRICS payments evidence.
Malhotra now says BRICS members are discussing potential links between both fast payment systems and CBDCs. The objective is lower cost cross border payments, but he was equally clear that the work is still at the discussion stage.
There is no shared BRICS CBDC network, agreed settlement architecture or implementation timetable. There is also no basis for treating the discussions as evidence that a common BRICS currency is being created. Official BRICS material has instead focused on reducing the cost of trade and financial transactions and improving payment links between member countries.
The addition of fast payment systems is also important. CBDCs are only one possible route. Connecting existing national payment rails may offer another way to improve cross border transfers without waiting for every participating country to deploy a mature digital currency.
More Capability Means More Governance At Every Layer
Malhotra did not present AI governance and BRICS payment connectivity as a single program, however combined they do expose a common operating issue. Inside a bank, more capable AI requires clearer ownership, controls and auditability. Between countries, more connected payment systems require agreements around access, standards, settlement, legal responsibility and risk.
Interoperability is useful only when participants know who is accountable when something fails. The same is true for AI performing more important financial work.
For Canadian readers, the comparison is timely. Canada's financial infrastructure is becoming more open through new payment system access, PSP supervision and the Real Time Rail, while banks are also deploying more AI. Different technologies are involved, but both require stronger operating controls as access and automation expand.
Talking Point
Financial infrastructure gets harder to govern as it becomes more capable and connected. The RBI's AI expectations and the BRICS payment discussions show that control, accountability and interoperability are becoming operating questions, not side issues for innovation teams.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
After a long day, does the idea of going back out feel more exhausting than the day itself? Most people arrive home carrying the full weight of their schedule: deadlines met, commutes survived, energy reserves somewhere near zero. The instinct to collapse and scroll is understandable.
A few small, deliberate choices, though, can turn that empty stretch of evening into something worth having. From quiet hobbies like reading to a fun casual session of online games, a night in has far more range than most people bother to find out. Here are eight low-effort ways to make yours count.
1. Start with a Recipe You Know by Heart
Comfort food does not need to be impressive. The whole point is familiarity: champorado, a pot of arroz caldo, or even just garlic fried rice with whatever leftovers are in the fridge. The repetitive, sensory work of chopping and stirring keeps your hands occupied and your thoughts in the room rather than still back at the office. What comes out of it is almost secondary. The smell alone tends to make the whole place feel more settled.
2. Give Your Watch Queue a Proper Chance
This one small step saves more energy than you might believe. Browsing streaming menus for 20 minutes while already tired is its own kind of exhaustion; choosing before you get comfortable, on the other hand, means the evening actually starts when you sit down. Go for something familiar, something a friend has been pushing for months, or a genre you rarely try. Dim the lights, put your phone face down, and settle in to fully focus on your chosen TV show or movie.
3. Wind Down with a Game or Two
Light interactive entertainment is good at pulling attention away from lingering work stress; there's a low-grade mental engagement to it that gives the brain something neutral to hold. This covers a lot of ground: mobile puzzle apps, a low-stakes strategy game, or a relaxed session of featured slot games on your phone or laptop. Modern online platforms have gotten genuinely good at replicating the social energy of table games and slots without having to get dressed. Keep it easy and set a limit on time for a balance of cozy fun and thrill.
4. Go Screen-Free for an Hour or Two
A jigsaw puzzle, a sketchpad, an adult coloring book: none of these asks much of you and that is exactly the point. Holding something physical, such as a pencil or a puzzle piece, and focusing on a small, concrete task quietly clears mental clutter in a way that passive screen time rarely does. No skill required. No finished product expected. The benefit is in the doing, not the result.
5. Have Warm Bath or Shower Before You Settle In for the Night
Some people treat this aspect of relaxation as a chore to get through, but it does not have to be. Add Epsom salts to the tub then light a candle and place it nearby. If you don’t have a tub but have a diffuser, run it with a few drops of your favorite essential oil while you shower. Take the extra fifteen minutes.
Warm water relieves physical tension in ways that nothing else quite replicates at the end of a long day; treated as a deliberate transition rather than a quick tick on the to-do list, it becomes one of the most effective wind-down tools most people already own and consistently rush past.
6. Let Someone Else Tell the Story
After a full day at a screen, more screen time might be the last thing that actually helps. Audio entertainment solves this: a gripping podcast, a comedy series, or a well-narrated audiobook holds attention just as well as television while giving your eyes a complete break. It is also genuinely good for people who fall asleep to background noise—engaging enough to quiet a restless mind, but without the stimulating light of another glowing rectangle pointed at your face.
7. Loosen Up Before You Hit the Hay
Desk work puts tension in the neck, shoulders, and lower back. Just 10 to 15 minutes of slow floor stretches or basic yoga before bed releases most of it. No equipment, no space requirements: just a comfortable surface, slow breathing, and a little patience. After a few nights, you’ll notice sleep tends to improve. It is one of those habits that sounds smaller than it is.
8. Make the Last Hours of the Day Feel Intentional
Harsh overhead lighting mimics daylight and keeps the body alert longer than necessary. Swapping it for a warm lamp, a string of fairy lights, or a couple of candles shifts the whole atmosphere of a room. Add a soft playlist in the background and you’re all set. Neither of these things takes more than two minutes to do. Together, they draw a clear line between the day that just ended and the evening you actually want.
A good night at home does not require much planning. It mostly requires stopping the accidental ones: the evenings that disappear into mindless scrolling and end with a vague sense that the time was not really yours. The small choices you make, such as what to cook, when to put the phone away, and how to light a room, shift the balance. At the end of the day, the home is already everything you need to relax.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
August 10, 2026 | NCFA Market Activity | Payments Infrastructure And Money Movement, Competition And Market Structure, Capital Markets And Market Infrastructure
RBC And BMO Sell Moneris But Keep Merchant Distribution
On August 10, 2026, RBC and BMO agreed to sell Moneris to U.S. technology investor Francisco Partners for approximately C$2 billion in cash. The banks own Moneris equally and are expected to receive half of the proceeds each.
The ownership change does not end their commercial relationship with the payments company. RBC and BMO will retain long term referral agreements with Moneris, preserving a route for business banking customers into its merchant services after the sale. RBC expects the transaction to close in the first quarter of its 2027 fiscal year. Until closing, Moneris remains owned by the two banks.
The Banks Are Selling Ownership, Not Merchant Access
RBC and BMO can monetize an asset they created in 2000 without giving up the distribution value tied to their business banking franchises. Moneris continues to receive merchant referrals, while the banks no longer have to own the processor that supports those customers.
The relationship already has commercial depth. BMO clients using Moneris can receive next day deposits into eligible BMO business accounts and access offers tied to the bank relationship. Moneris says the BMO partnership has operated for more than 25 years.
The sale therefore separates two economics that have traditionally aligned together. That's owning the payments platform and controlling access to merchant customers.
TD took a different route last year when it transferred part of its merchant business to Fiserv. That agreement covered roughly 3,400 merchant relationships across 30,000 Canadian locations while TD continued offering merchant services through its banking relationship.
Both structures reduce direct bank ownership or operation of merchant processing while preserving access to business customers. They also show why counterparties are important. Fiserv is now under pressure after cutting its 2026 outlook again, extending the difficulties NCFA tracked after Fiserv's sharp market value decline. Selling infrastructure to a specialist does not remove execution risk. It changes who carries it.
Francisco Partners Is Buying A Large Canadian Payments Platform
Moneris gives Francisco Partners immediate scale in Canadian payments. The company says it supports more than 325,000 points of commerce across Canada and processes roughly one in three Canadian transactions. Its products span in store payments, ecommerce, point of sale software, integrated commerce tools, data and merchant services.
The ownership change impacts Canadian control. One of the country's largest merchant payments platforms is passing from two Canadian banks to a U.S. technology investor. Francisco Partners will control decisions around capital, product investment and growth, even as Moneris remains headquartered and operated in Canada.
After closing, Moneris will be foreign owned but remain Canadian operated. Francisco Partners will control the company, while Moneris is expected to retain its Canadian headquarters and technology infrastructure. That separates ownership of a major Canadian payments platform from where the business and infrastructure are based.
Moneris has also been adding newer payment capabilities. In June, it expanded Konek pay by bank access across Moneris Checkout and its API, allowing merchants to accept eligible bank payments alongside cards.
Francisco Partners already knows payments. Its portfolio includes Verifone, Paysafe and payments enablement provider NMI. The firm also closed $21 billion in new funds in July.
None of that guarantees more investment at Moneris or faster product development. Francisco Partners and Moneris will still have to decide where capital goes, which products deserve priority and how aggressively the company competes with global platforms.
Merchant Acquiring Is Becoming A Specialist Technology Business
Moneris will still face a crowded market after the ownership change. Stripe and Adyen compete heavily around online payments and developer tools. Fiserv uses Clover to combine acquiring with point of sale software and merchant services. Global Payments,Square and other platforms compete across different merchant segments, while Canadian firms such as Nuvei and Paystone add domestic pressure.
Moneris enters that contest with assets competitors cannot quickly reproduce, such as national merchant scale, deep Canadian distribution and long established bank relationships. Its BMO relationship alone includes integrated payment and banking services such as next day settlement.
The challenge is keeping those advantages relevant as payment acceptance becomes more closely tied to software, data and new payment methods. Moneris already partners with outside technology providers across ecommerce, point of sale and integrated payments, while products such as Konek add direct bank payment options alongside card acceptance.
Private ownership could give Moneris more room to invest across those areas. It could also increase pressure to produce stronger returns from a mature payments platform. Neither outcome should be assumed before Francisco Partners takes control and sets its priorities.
The referral agreements reduce one important risk. Moneris is entering private ownership while retaining the bank channels that helped build its merchant base. For RBC and BMO, that may be the strongest part of the transaction. They receive cash for the asset while retaining a commercial connection to the merchants that use it.
Talking Point
RBC and BMO are selling the processor while keeping merchant distribution. Francisco Partners gets the payments platform and the investment risk. The banks get C$2 billion and keep a route to business customers. Which side of that relationship will create more value in the future?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
You want a better credit score, and an online company says it can help. The website looks promising, and the testimonials sound warm. The price also feels fair, so you pay, but nothing you were promised ever shows up on your credit report.
This happens far more often than most people expect, and the reason is simple. Almost anyone can put up a credit-building website in an afternoon. There is no lobby to walk into, no license number to look up, and no easy way to tell a careful operator from someone who will take your money and vanish. Here are some red flags to consider before selecting any credit-building company.
No Independent Review Trail
A company that has really been in business for years leaves footprints. Search its name, and you should find write-ups from people who don’t work there: customers, forum posters, review sites that tested the service themselves. When the only positive words about a business live in that business’s own home, treat that silence as information.
For instance, some of these companies sell tradelines. A tradeline is simply one account as it appears on your credit report, and the idea is that being added to someone else’s long-standing account may help yours. However, you can’t trust just any company. That’s when you must look for this superior tradelines review to learn more about:
How many accounts a company genuinely holds
What the real highest credit limit is
Whether the payment options are as flexible as advertised
Whether anyone actually replies on a Saturday
A good review site covers all these details and puts you in a better position to decide. Remember, the gap between the claim and the finding is the whole point. You should be looking for a company whose own description of itself survives contact with someone who checked.
No Information About What You Are Buying
Ask any credit-building company what you get for your money and the answer should be boring and specific, including:
How old is the account?
What is the credit limit?
Which bank reports it?
How long do you stay on it?
What happens if it never reports at all?
Honest sellers answer all of that in writing before you pay because those numbers are the product. If you get vague answers, take it as a red flag. Walk away from anyone who talks about outcomes but will not describe the process itself.
A Promise They Just Can’t Keep
Nobody can guarantee your credit score will rise by a set number of points. Nobody can guarantee a lender will approve your personal or business loan. Credit scoring models weigh dozens of factors, and the models have changed over the years to reduce how much a single added account moves the needle.
When a website advertises a guaranteed jump or promises something too good to be true, it tells you something important about itself. Real companies describe what they supply and what typically happens. On the other hand, sales pitches only describe a result they do not control. Be sure to analyze a company from this perspective before you send any money. It costs you an hour, and it saves the people who skip it a great deal more.
Endnote
You don’t require special knowledge to perform these checks. Simply look for outside reviews, ask for the exact details in writing, and walk away from anyone promising a number they can’t control. A company that passes all three might still not be the right one for you, but at least you are dealing with a real business.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
August 10, 2026 | NCFA Companies On The Move | Digital Banking And BaaS, Competition And Market Structure
French Banking Licence Extends Revolut’s Global Bank Expansion
On August 10, 2026, Revolut secured a French banking licence from the ACPR and European Central Bank. France will become Revolut's second EU banking base alongside Lithuania, with Germany, Ireland, Italy, Portugal and Spain expected to follow.
Revolut enters this phase with more than 75 million customers and $6 billion of 2025 revenue. It is also building licensed banks in several major markets, which changes the competitive significance of its renewed interest in Canada.
Revolut Now Has Bank-Scale Economics
Revolut's 2025 results show a business well beyond its original foreign-exchange and card proposition. Revenue rose 46% to $6.0 billion, profit before tax reached $2.3 billion and net profit was $1.7 billion. Customer balances reached $67.5 billion.
Eleven product lines generated more than £100 million each. Card payments produced $1.3 billion of revenue, wealth $876 million and foreign exchange $800 million. Revolut Business accounted for 16% of group income.
Credit is becoming substantial enough to change the risk profile. The loan book grew 120% to $2.9 billion across personal loans, credit cards and an early mortgage portfolio, while commercial real estate lending has extended the company into more specialized credit.
Private-market pricing has climbed with the operating results. Revolut completed a secondary transaction at a US$75 billion valuation in November 2025. A new secondary sale confirmed in July 2026 is reportedly pricing the company at US$115 billion. The current sale has not been announced as completed.
Revolut Is Adding Local Banking Operations In Major Markets
The French licence divides Revolut's European banking structure more deliberately. Lithuania remains the banking base for much of the European Economic Area, while the French entity will take responsibility for six Western European markets with roughly 30 million Revolut customers.
Revolut completed the next stage of its UK banking licence in March, launching the bank for a domestic customer base of 13 million after receiving the licence in 2024 and completing its mobilisation period.
Owning more of the banking infrastructure gives Revolut greater control over deposits, credit, payments and pricing. It also requires more local capital, compliance and operating capacity. In Western Europe, Revolut has committed more than €1 billion to the new regional structure and plans to build its headquarters in Paris.
Canada Is A Different Proposition Than It Was In 2019
Revolut's renewed Canada strategy follows an earlier attempt built around prepaid cards and foreign exchange. The company entered a limited Canadian beta in 2019 and withdrew in 2021 without establishing a domestic banking presence.
Jan Pilbauer was appointed to lead Revolut Canada in 2025 after senior roles at Payments Canada and the Bank of Canada. Revolut has described Canada as attractive but remains early in its evaluation. It hasn't announced a launch date, and there is no public evidence of a Canadian bank licence application.
The regulatory setting has changed too. OSFI's Streamlined Approvals Framework creates a clearer federal route for eligible innovative banking models, while consumer-driven banking could reduce data-access barriers once regulated sharing is operating.
Revolut would also be operating a different business. A payments and FX app would add another fintech option. A Canadian operation spanning deposits, credit, wealth and business banking would compete for much more of the customer relationship.
Local Licences Put More Responsibility On Revolut
Italy offers a recent reminder that localization cuts both ways. In April, the country's competition authority fined Revolut entities more than €11 million over investment disclosures, account restrictions and information concerning Italian IBAN availability.
The Italian action touched the same customer-treatment and localization issues Revolut has to manage as more markets gain their own banking entities. Revolut disagreed with the findings and said it would appeal.
Revolut now has the customers, earnings and product breadth to compete much more directly with established banks. Its French licence shows how much regulatory infrastructure that ambition requires. A Canadian return would reveal whether Revolut is prepared to build the same depth here.
NCFA Company Intelligence Snapshot
Revolut
Global payments, banking, credit, wealth and business finance platform
Last updated Aug 10, 2026
Company At A Glance
Founded 2015 by Nik Storonsky and Vlad Yatsenko
Headquarters London, United Kingdom
Status Private financial technology and banking group
Customers 75M+ globally
Markets More than 40
2025 Revenue US$6.0B
2025 Net Profit US$1.7B
Customer Balances US$67.5B at Dec 31, 2025
Loan Book US$2.9B at Dec 31, 2025
Valuation US$75B completed valuation; July 2026 secondary sale reportedly at US$115B
Products Payments, cards, deposits, FX, lending, wealth, investing and business finance; availability varies by market
Revenue Model Payments, subscriptions, FX, wealth, lending, interest income and business services
Milestones
Select a milestone to follow Revolut from international payments into locally regulated banking
1 Payments Launch 2015
2 EU Bank Licence 2018
3 Canada Trial 2019–2021
4 US$800M Series E 2021
5 Profitable Scale 2025
6 Local Bank Buildout Jan–Jul 2026
7 French Bank Hub Aug 2026
Milestone 1
Revolut Starts With International Spending (2015)
Nik Storonsky and Vlad Yatsenko launched Revolut in London around spending, transfers and foreign exchange.
Company
Revolut Mobile financial technology company
Stage
Launch Initial consumer product
Capital
Early Venture Outside funding follows early adoption
Markets
UK First International spending and transfers
Customers
Consumers Customers seeking cheaper international money use
Competition
Banks And FX Digital alternative to bank foreign-exchange pricing
Additional Company Data
London launch
Mobile-first onboarding
Initial focus on spending and transfers abroad
Why This Milestone Matters
A narrow international-spending problem gave Revolut an entry point before it asked customers to use the app for more of their finances.
Milestone 2
Lithuanian Licence Adds Banking Capability (2018)
The Bank of Lithuania granted Revolut a banking licence in 2018, the regulatory base later used to provide banking services across the European Economic Area.
Company
Revolut Bank Payments business adding banking capability
Stage
Regulated Expansion Banking joins the product base
Capital
US$250M Series C raised in 2018
Markets
European Union Lithuanian regulatory base
Customers
Retail Payments customers gain access to more financial products
Competition
Digital Banking Revolut starts competing beyond payments
Additional Company Data
US$250M Series C valued Revolut at US$1.7B
Revolut Business had launched in 2017
Metal launched in the EEA in 2018
Why This Milestone Matters
The licence gave Revolut a regulated base for deposits and banking services instead of limiting the customer relationship to payments.
Milestone 3
Canada Gets A Limited Version Of Revolut (2019–2021)
Revolut entered Canada with a beta centred on prepaid cards and foreign exchange and withdrew in 2021 without establishing a Canadian bank.
Company
Revolut Canada Beta Partial version of the global product
Stage
Market Trial Entry ends before full banking launch
Capital
Group Funded No Canadian financing disclosed
Markets
Canada Cards and foreign exchange
Customers
Beta Users Narrower product access than in core markets
Competition
Limited Product No full domestic banking proposition
Additional Company Data
Beta began in 2019
No Canadian bank was established
Revolut exited in 2021
Why This Milestone Matters
Canada exposed the difficulty of competing with only part of Revolut's product set.
Milestone 4
US$800 Million Series E Funds A Larger Platform (2021)
SoftBank Vision Fund 2 and Tiger Global backed an US$800 million Series E that valued Revolut at US$33 billion.
Company
Revolut Platform Consumer and business financial services
Stage
Global Scale Product and geographic expansion
Capital
US$800M US$33B Series E valuation
Markets
International Europe with expansion outside the region
Customers
16M+ Customers worldwide at the financing
Competition
Financial Platform More products compete for more customer activity
Additional Company Data
SoftBank Vision Fund 2 and Tiger Global joined as investors
Capital supported U.S., India and other international expansion
Savings, insurance, wealth and trading were part of the product build
Why This Milestone Matters
The Series E financed expansion well beyond the original payments proposition and put Revolut among the world's highest-valued private fintechs.
Milestone 5
Revenue And Profit Catch Up With Customer Growth (2025)
Revolut closed 2025 with 68.3 million retail customers, US$6.0 billion in revenue and US$1.7 billion in net profit. A November secondary transaction valued it at US$75 billion.
Company
Global Financial Platform Retail and business products at large scale
Stage
Profitable Scale Fifth consecutive year of net profitability
Capital
US$75B November secondary valuation
Markets
40+ Markets worldwide
Customers
68.3M Retail 767,000 business customers at year-end
Competition
Primary Banking More customers use Revolut for everyday finances
Additional Company Data
US$67.5B in customer balances
US$2.9B loan portfolio
Eleven product lines above £100M of annual revenue
Jan Pilbauer appointed to lead Revolut Canada
Why This Milestone Matters
Profit and customer balances gave Revolut more capacity to fund lending, licences and local banking operations from a much stronger financial base.
Milestone 6
UK, Mexico And Australia Add Local Banking Operations (Jan–Jul 2026)
Revolut launched full banking in Mexico, exited UK mobilisation and received an unrestricted Australian banking licence. Its U.S. national bank charter remains under review.
Company
Multi-Market Bank Local banks operate within the global platform
Stage
Banking Expansion More markets gain local regulated entities
Capital
Local Balance Sheets Deposits and lending require local capital
Markets
UK, Mexico, Australia U.S. charter application remains pending
Customers
Local Bank Users 13M UK customers and 1M+ Australian retail customers at launch
Competition
Full-Service Banks Deposits and credit deepen competitive overlap
Additional Company Data
UK bank launched in March 2026
Mexico passed 500,000 retail customers
Australia became Revolut's first licensed bank in APAC
U.S. banking still depends on charter approval
Why This Milestone Matters
Local banks let Revolut own more of the deposit, credit and payment relationship instead of depending as heavily on partner institutions.
Milestone 7
France Becomes Revolut's Second EU Banking Base (Aug 2026)
Revolut's French banking licence creates a regional base for France and, progressively, Germany, Ireland, Italy, Portugal and Spain.
Company
Revolut Banking Group Regional banks inside a global platform
Stage
Regional Scale Second EU banking base
Capital
€1B+ Western Europe investment commitment
Markets
Six Countries France, Germany, Ireland, Italy, Portugal and Spain
Customers
~30M Across the intended Western European hub
Competition
Local Banking Depth More direct competition with domestic banks
Additional Company Data
Paris will house the Western Europe headquarters
The regional operation adds local risk, compliance and product capacity
Lithuania remains Revolut's other EU banking base
The July secondary share sale is reportedly pricing Revolut at US$115B
Why This Milestone Matters
Revolut is placing more banking responsibility inside the European markets where many of its customers actually live.
Frequently Asked Questions About Revolut
What is Revolut?
Revolut is a London-headquartered financial technology and banking group founded in 2015 by Nik Storonsky and Vlad Yatsenko. It offers payments, cards, deposits, foreign exchange, lending, wealth, investing and business financial services, with availability varying by market.
Is Revolut a bank?
Revolut operates licensed banks in several jurisdictions, including the European Economic Area, UK, Mexico and Australia. Its legal entity and customer protections vary by market.
How many customers does Revolut have?
Revolut reports more than 75 million retail customers globally. It ended 2025 with 68.3 million retail customers and 767,000 business customers.
How does Revolut make money?
Revenue comes from card payments, subscriptions, foreign exchange, wealth products, lending and interest income, and Revolut Business. Eleven product lines each generated more than £100 million in 2025.
Is Revolut profitable?
Yes. Revolut reported US$2.3 billion in profit before tax and US$1.7 billion in net profit for 2025.
What is Revolut worth?
A completed November 2025 secondary transaction valued Revolut at US$75 billion. A secondary sale underway in July 2026 is reportedly pricing the company at US$115 billion, but Revolut has not announced that sale as completed.
Is Revolut coming back to Canada?
Revolut has renewed its Canadian effort and appointed Jan Pilbauer to lead the local business. Canada remains under evaluation, with no announced launch date or public evidence of a Canadian bank licence application as of August 10, 2026.
Why did Revolut leave Canada?
Revolut entered Canada in 2019 with a limited beta centred on prepaid cards and foreign exchange and withdrew in 2021 without establishing a Canadian banking presence or the wider product set available in its larger markets.
Who competes with Revolut?
Competitors vary by product and country. Revolut overlaps with traditional banks, digital banks and specialist fintechs across payments, deposits, credit, foreign exchange, investing and business finance.
Information notice: Private-company estimates are identified and attributed. Information may change after the stated update date. This content is provided for informational purposes only and does not constitute investment, financial or legal advice.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
August 10, 2026 | NCFA Fintech Intelligence Question | Capital Markets And Market Infrastructure, Digital Assets Blockchain And Tokenization, Treasury Liquidity
Can Gold Move From The Vault Into Wholesale Finance?
Last Updated: August 10, 2026 Status: Emerging
Organizations: UK Financial Conduct Authority (FCA), Bank of England, Prudential Regulation Authority, World Gold Council, London Bullion Market Association (LBMA)
On August 10, 2026, the Financial Times reported that the UK FCA is talking with banks and market participants about how tokenized gold could fit within the regulatory framework, including its possible use as collateral in wholesale markets.
The FCA declined to comment to the FT and hasn't published a gold specific framework, consultation or rule. But the discussion connects two developments already under way. UK authorities are working on tokenized collateral for wholesale markets, while the gold industry is trying to make physical bullion easier to own, transfer and pledge.
So can tokenized gold actually become collateral in wholesale markets?
Possibly, but creating the token is the easy part. A bank or market operator still has to trust the ownership claim, know where the bullion sits, value it quickly and take control if the borrower fails. Its own rules also have to permit gold as collateral.
That last hurdle matters. The UK is building infrastructure for tokenized collateral, but the Bank of England's current work focuses on tokenized versions of assets that already qualify. Gold isn't currently eligible collateral under the Bank's Sterling Monetary Framework.
Private markets could get there sooner. Banks and other wholesale counterparties have more room to agree on collateral terms between themselves. Acceptance by a clearing house would be a bigger step. Central bank eligibility would go further again.
This is why tokenized gold is different from simply launching another real world asset product. NCFA's analysis of tokenization in collateral and cash shows that institutional adoption is strongest where digital assets solve a real operating problem. Gold now has to pass that test.
Strategic Takeaway
Tokenized gold becomes useful collateral when institutions can trust the claim, control the asset and sell it quickly if something goes wrong. Better technology helps, but it can't grant collateral status on its own.
Evidence
Click each item to expand
1. Gold Enters The UK Tokenization Discussion August 2026, United Kingdomⓘ
The Financial Times reports that the FCA has been discussing tokenized gold with major banks and other market participants, including whether it could be used as collateral in wholesale markets.
The discussions concern the regulatory treatment of tokenized gold.
Wholesale collateral is one of the potential uses being considered.
The FCA declined to comment to the FT.
No gold specific FCA proposal or rule has been published.
That makes this credible early evidence of regulatory interest, not a policy decision. What happens next depends on whether the industry can show that tokenized ownership works inside existing market controls.
2. UK Authorities Are Already Working On Tokenized Collateral May 2026, United Kingdomⓘ
The FCA and Bank of England set out a joint vision for UK wholesale tokenization in May. Collateral is one of the areas where firms have asked for clearer rules and infrastructure.
The programme covers prudential treatment, tokenized collateral and settlement instruments.
Sixteen firms are working through the Digital Securities Sandbox toward live issuance and settlement.
The Bank is targeting a live synchronisation service for 2028.
It is also working toward accepting tokenized versions of assets that are already eligible collateral at central counterparties and in its own operations.
The distinction is important. The programme can help an eligible security retain its collateral role when it is tokenized. It doesn't make a new asset eligible simply because someone puts it on a digital ledger.
Europe is dealing with the same operating challenge from another direction. The ECB roadmap for tokenized finance infrastructure focuses on connecting digital wholesale markets with central bank settlement rather than treating tokenization as a standalone product.
3. The Gold Industry Is Changing The Ownership Model 2025 To 2026, United Kingdomⓘ
The World Gold Council is tackling a problem that exists before the token arrives.
Allocated gold gives an investor ownership of specific physical bars, but that precision adds operating friction. Unallocated gold trades more easily, but the investor holds a claim against an institution rather than title to specific bullion.
The proposed Pooled Gold Interest is designed to sit between those structures.
Investors would hold a beneficial interest in a pool of vaulted physical gold.
The model allows fractional ownership rather than requiring whole bars.
Linklaters developed a legal framework for issuing and transferring the interests.
Easier use of gold as collateral is one of the stated goals.
That legal structure is central to the question. A collateral taker needs more than proof that a token exists. It needs an enforceable claim on the gold if the borrower fails.
4. Shared Infrastructure Is Being Built Around The Bullion March 2026, Globalⓘ
The World Gold Council's proposed Gold as a Service platform addresses the operating layer. A gold token is only as reliable as the records connecting it to the bullion in the vault.
The proposed platform connects physical custody with digital issuance.
It would standardize reconciliation, compliance and redemption.
Token supply could be kept aligned with physical inventory records.
The World Gold Council identifies collateralized borrowing as a possible use, subject to legal enforceability, custody and market infrastructure.
That qualification does a lot of work. Digital infrastructure may make gold easier to lock, transfer and release. The lender still needs a reliable right to the asset and a practical way to turn it into cash.
5. Gold Already Has The Market Depth 2026, Globalⓘ
Gold doesn't need a token to become a liquid asset. It already trades at enormous scale.
The World Gold Council estimates roughly US$31 trillion of gold exists above ground.
More than US$15 trillion is considered investable gold across private holdings, official holdings and derivatives.
Global gold trading averaged about US$361 billion per day in 2025.
Average daily trading reached about US$488 billion in the first half of 2026.
That gives gold an advantage over many tokenized assets. There is already a deep market and established pricing. The challenge is connecting that liquidity to a digital claim that collateral takers can actually use.
6. Physical Gold Still Faces An Eligibility Gap June 2026, United Kingdomⓘ
The London Bullion Market Association is separately asking UK authorities to reconsider how gold fits within the liquidity framework.
LBMA says allocated gold held at the Bank of England can be transferred and monetized quickly.
It argues that current regulatory treatment doesn't fully reflect that practical liquidity.
LBMA wants greater recognition of gold in firms' liquidity assessments.
It also asks regulators to consider whether gold could eventually become eligible collateral for Bank of England facilities.
That exposes the biggest gap. If physical allocated gold isn't currently eligible Bank collateral, tokenizing it won't remove the policy decision that comes first.
7. Tokenized Gold Products Are Arriving Before Collateral Acceptance 2025 To 2026, Globalⓘ
Institutions are already proving that physical gold can be represented and distributed digitally. HSBC has offered tokenized gold, DBS plans tokenized physical gold for customers in Singapore, and other issuers are expanding digital bullion products and infrastructure.
NCFA's evidence base also includes Tether's US$150 million investment in Gold.com, NatGold reporting more than US$469 million in premarket token demand, the DBS initiative and a bullion platform venture between AGTech and the Hong Kong Gold Exchange.
Together, those developments show growing demand, distribution and infrastructure. They don't show that the tokens are being posted as margin to clearing houses or widely accepted under institutional financing agreements.
The next proof is a financing transaction. A regulated bank accepting tokenized gold against a real loan, credit line or margin obligation would show that the ownership structure works beyond issuance. The terms would tell us even more. Who holds the bullion? How much of its value can be borrowed against? What happens if the borrower defaults? Can the lender take control immediately?
Those are ordinary collateral questions. Tokenization changes how the asset is recorded and transferred, but it doesn't make them disappear.
This is also where gold separates from tokenized Treasuries. Government securities already function inside mature repo, margin and central bank collateral systems. Their digital versions are trying to preserve an existing function while changing how the asset moves.
Gold has deep liquidity and established institutional ownership, but a more limited role inside regulated collateral frameworks. Private banks could accept tokenized gold first, particularly where they already understand bullion custody and financing. Wider dealer use would be stronger evidence. Acceptance by a central counterparty would show that the asset can meet tougher rules for valuation, control and liquidation.
The Bank of England is another threshold entirely. LBMA is still making the case for physical gold to become eligible, so tokenized gold clearly hasn't reached that point yet.
Canada offers a useful infrastructure comparison without forcing a Canadian gold story. Project Samara tested tokenized bond issuance, trading and lifecycle management with wholesale central bank settlement. The CSA has also opened Project Tokenization to examine how tokenized products and market infrastructure fit Canadian securities law. Neither establishes tokenized gold collateral in Canada. They show the kind of coordinated legal and settlement work that has to sit underneath institutional tokenization.
Why London Has More At Stake
London isn't searching for a tokenization use case. It already is at the centre of one of the world's deepest wholesale gold markets. If the ownership, custody and regulatory pieces can be made to work together, tokenization could make existing bullion easier to move between banks, trading venues and collateral accounts. The value would come from making a large market work better, not from creating another digital asset to trade.
There is also competition. Asian financial centres are investing in bullion markets, tokenized assets and digital settlement, while major central banks are building new wholesale infrastructure. London's existing market depth is an advantage, but only if the digital version preserves the legal certainty and liquidity that made the physical market valuable in the first place.
For now, the answer remains conditional. Tokenized gold has credible building blocks and a plausible route into private wholesale collateral. What it doesn't yet have is broad institutional acceptance.
The moment to watch is not the next gold token. It is the first repeatable collateral transaction where a regulated institution is willing to rely on one.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem providing education, market intelligence, industry stewardship, networking and funding opportunities to thousands of members. NCFA works with industry, government, partners and affiliates to support a competitive and innovative fintech and funding sector in Canada. Join Canada’s Fintech and Funding Community or learn more at NCFA Canada.
August 10, 2026 | NCFA Insight | Regulation And Policy, Competition And Market Structure, Public Sector Policy And Industrial Strategy
FCA Expands Scale-Up Support With Five Fintechs
On August 10, 2026, ClearScore, Modulr, Teya, Urban Jungle and Zilch became the first firms regulated solely by the UK's Financial Conduct Authority to join its Scale-up Unit. These aren't startups testing whether a product works. They already operate across credit, payments, SME finance and insurance, and several are adding products, distribution channels or new markets. The FCA wants closer contact during that stage of growth, when regulatory questions and operational complexity can multiply quickly.
The FCA Is Extending Support Beyond Market Entry
The Scale-up Unitgives participating firms a dedicated regulatory contact. It can help:
Identify which regulatory processes apply to expansion plans
Coordinate discussions around formal submissions such as changes to permissions
Bring policy or supervisory specialists into early conversations about new products
The FCA also wants feedback when its own policies or supervisory processes create unintended barriers to growth or competition. That makes the programme a two-way channel where companies get earlier regulatory access, while the FCA gets evidence from companies dealing with expansion in real time.
The unit sits alongside Innovation Pathways, the Pre-Application Support Service and Early and High Growth Oversight, giving the FCA several points of contact from early product development through commercial scale. Its innovation services have supported more than 1,000 firms.
The Scale-up Unit fills more of the space after authorization, when successful firms start becoming harder to supervise and harder to change.
Five Firms Show Where Scale Gets Complicated
1. ClearScore - Credit Is Becoming A Wider Marketplace
ClearScore reported £144.7 million in 2025 revenue, up 37%, and more than 25 million users globally. Acquisitions of Aro Finance and Acre Platforms have taken it further into embedded finance, mortgages and financial product distribution, while AI is becoming more central to the platform. That means more than scaling a credit-score app. ClearScore now has to manage credit broking, mortgages, customer data, embedded distribution and AI across a larger financial marketplace.
2. Modulr - Payment Volume Raises The Stakes
Modulr processes more than 200 million transactions and over £180 billion in annualised payment value for more than 6,000 businesses. Its infrastructure supports payroll, supplier payments, collections and other finance operations where outages or control failures can affect many customers at once. Its scale problem is therefore operational as much as commercial. More volume and wider market reach increase the importance of resilience, financial crime controls and oversight of critical payment infrastructure.
3. Teya - Payments Are Turning Into An SME Finance Stack
Teya's 2026 product release extends well beyond card acceptance. Its offering now brings together payments, a business account, team cards, e-commerce tools, savings features and Teya AI. One merchant relationship can therefore span payments, cash management, spending and business data. That creates more regulatory dependencies inside a product experience designed to feel simple to the customer.
4. Urban Jungle - Distribution Is The Growth Lever
Urban Jungle says it has helped more than 300,000 UK customers and now distributes insurance both directly and through white-label partners. Its August partnership with IKEA puts Urban Jungle-powered home insurance into a much larger retail customer journey. That tests whether product design, pricing, claims and customer outcomes remain consistent when insurance is distributed through another brand rather than only through Urban Jungle's own channels.
5. Zilch - A UK Payments Business Is Expanding Into European Banking
Zilch passed 5.5 million registered customers and $200 million in annual revenue before agreeing to acquire Lithuania's Fjord Bank. Subject to regulatory approval, the deal would give Zilch a European banking licence and a base for expansion across the region. Zilch is now bringing consumer credit, payments, AI and cross-border banking into the same business. That is a very different regulatory footprint from the one it had when it entered the FCA's Regulatory Sandbox earlier in its development.
The FCA Has Already Seen What Can Go Wrong
The Scale-up Unit arrives with evidence from the FCA's own supervision. Between July 2025 and March 2026, its Early and High Growth Oversight pilot worked with 15 firms across asset management, wealth management and payments to see whether governance, risk management and controls were keeping pace with growth.
The FCA found that stronger firms invested early in boards, risk management, compliance resources and management information. Weaker examples included governance that had fallen behind business growth, too much responsibility concentrated in a few people and insufficient independent challenge.
The reality is commercial growth can arrive faster than the systems needed to govern it. The regulator's answer is earlier engagement rather than waiting for those gaps to surface through an application, incident or supervisory problem.
Regulatory Access Is Becoming Part Of The UK Scale-Up Model
The FCA isn't promising easier rules. Participation doesn't lower regulatory standards, guarantee approvals or amount to an endorsement of the firms involved.
What it is offering is earlier access to the regulator when a company is changing quickly. That could help commercially if firms can resolve regulatory questions before they delay product launches, permissions or expansion plans.
It also gives policymakers a closer view of where regulation itself creates unnecessary friction. That question is already live in Canada. Canada's competition and growth debate has increasingly focused on faster approvals, proportionate oversight and whether regulation helps challengers reach scale rather than protecting established market structures.
ClearScore, Modulr, Teya, Urban Jungle and Zilch will provide the first real test of whether that approach can deliver both: faster regulatory navigation and controls that keep pace with expansion.
Ontario's decision to join the securities passport tackles another part of the same problem where regulatory duplication can consume legal budgets, management time and capital without producing proportionately better outcomes. The FCA model goes a step further by asking whether regulators should actively help successful firms navigate the next layer of complexity.
Talking Point
Should regulatory support extend beyond startup experimentation and authorization to help established fintechs navigate the complexity that comes with rapid growth?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. 
