US EditionItaly Slaps Revolut With €3.5 Million Fine—and It Won’t Be the Last Regulator to Come Knocking
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Italy Slaps Revolut With €3.5 Million Fine—and It Won’t Be the Last Regulator to Come Knocking
Italy’s competition authority just sent a pointed message to one of Europe’s most ambitious fintech companies. The fine itself—€3.5 million—barely dents the balance sheet of a firm valued at $45 billion. But the signal it sends is harder to ignore. On Tuesday, Italy’s Autorità Garante della Concorrenza e del Mercato (AGCM) announced it had fined Revolut Ltd. and its Italian subsidiary, Revolut Italia S.r.l., for what it described as unfair comme…
Italy fines Revolut over consumer code breaches
Italy’s competition authority has issued penalties totalling more than €11m ($12.6m) against several companies in the Revolut group, citing unfair commercial practices under the Consumer Code. Revolut Securities Europe UAB and Revolut Group Holdings received a €5m fine for violating Articles 20, 21 and 22. The watchdog said customers were not told clearly, at the earliest stage of contact, about extra charges and restrictions linked to “commissi…
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