Revolut still waiting for a UK banking license almost a year after claiming approval was ‘imminent’

Revolut is still waiting for a UK banking license, almost a year after claiming approval was ‘imminent’.

The financial app said on March 1 last year that it would get the green light from regulators “any day now.”

But 362 days later, the wait continues – embarrassing founder and CEO Nik Storonsky (right).

Revolut applied for a license from the Bank of England in 2021 to expand its services in Britain to include taking deposits, making loans and offering credit cards.

At the time it was seen as the UK’s most valuable fintech, with an estimated value of £26 billion.

But three years later, it is still struggling with the demands of the central bank’s Prudential Regulatory Authority (PRA).

Revolut has not been open about the license in recent months, leading to speculation that it could have paused or withdrawn the application. Revolut and the PRA declined to comment.

The persistent delays led to an outburst from Storonsky last year when he branded Britain an undesirable place to do business. Analysts dismissed the sharp comments as a “tantrum” and “sour grapes” as regulators refused to sign off on the approval.

Yet since 2013, 36 new British ‘start-up’ banks have been licensed by the PRA – including Monzo and Starling Bank.

The postponement remains a major blow for Revolut. The company – whose chairman is Martin Gilbert – saw its valuation fall to £14 billion last year after a write-down by investors.

Revolut has also failed to publish its accounts on time for two years in a row. And when the 2021 figures were finally published last March, they received a lot of attention after Revolut’s accountant BDO said it was unable to independently verify three-quarters of its £636m turnover.

It warned that some information could be “materially misrepresented.” In December, Revolut published its 2022 results three months late, with a loss of £25 million – down from a profit of £40 million the year before.