Revolut set for banking licence verdict within weeks

Revolut will know its fate in a matter of weeks as UK regulators approach a decision on whether to grant a banking license.

The financial technology company, one of the UK’s most valuable £14bn start-ups, claimed in early March that it would be licensed ‘soon’ – possibly within days.

But it has remained frustrated as its attempts to gain regulatory approval have been beset by delays – leading to what some saw as a tantrum last week when boss and co-founder Nik Storonsky spoke out against Britain as a place to do business. doing.

Revolut has been trying to secure a license for more than two years, which will allow it to expand its services in the UK to taking deposits and lending.

Matters were not helped after the company’s final accounts were five months late and the auditor BDO stated that some parts may contain ‘material misstatements’.

But Revolut’s fate will soon be decided with a ruling from regulators expected in the coming weeks.

The company’s impatience over the licensing process seemed to boil over last week when Storonsky said getting approval had been a “long and exhausting process.”

‘You wait months for e-mails or letters. This is not the business climate to operate in the modern world,” he said, adding that Britain’s technology is “slowing down” despite ambitions to become the next Silicon Valley.

Storonsky also said that if Revolut ever planned to go public, it would probably choose New York’s Nasdaq over London.

“It’s difficult to do business in the UK: the stock exchange is much less liquid, so I don’t see the point of it,” he said.

But Storonsky’s extraordinary outburst sparked criticism from analysts and leaders in the UK tech sector, with one observer saying throwing a “temper tantrum” wouldn’t help Revolut secure a banking license.

Russ Shaw, founder of industry group Tech London Advocates, said: ‘I don’t think having tantrums is a constructive approach to getting approval for the kinds of actions and permits you need.’