Unless the rules have been tightened since then, fintechs such as Revolut and Monzo (back when it was a prepaid card) used to open accounts instantly with no KY

Unless the rules have been tightened since then, fintechs such as Revolut and Monzo (back when it was a prepaid card) used to open accounts instantly with no KYC with low limits (which they get raised when you pass KYC), so I wonder why they wouldn't just do the same and skip the KYC step altogether.