Investor frustration over payments app Revolut's struggle to secure a UK banking licence
A major investor in payments app Revolut has admitted to being 'impatient' in its protracted attempt to obtain a UK banking licence.
The fintech company insisted in March that it would be licensed soon, but 297 days later it is still waiting.
The company will release its long-delayed 2022 financial results today – a move it hopes will move it closer to licensing approval.
Revolut has suffered a series of setbacks this year, with auditors raising questions about a previous set of delayed 2021 results.
A major investor has told the Mail that he remains pleased with Revolut's performance as the company diversifies into other areas.
Delays: Revolut insisted in early March that it would get a banking license soon – but 297 days later it's still waiting
And the investor played down the idea that Revolut could give up its pursuit of a banking license, given the time it would take.
But they said they would be happy if a permit is granted and “in that sense we are impatient.”
The comments contribute to the feeling of unrest among donors, even as they remain supportive.
Revolut was previously valued at around £26 billion, but earlier this year some investors wrote down their assets.
The license application is being examined by the Prudential Regulation Authority and the Financial Conduct Authority.
Revolut said: 'We do not comment on pending license applications.'