Revolut’s UK banking license decision set for summer showdown

Two years on Revolut’s still waiting for its banking license. Patience is clearly wearing thin for its co-founders.

Revolut will see a decision on the fate of its much-delayed UK banking license in a matter of weeks.

Regulators of UK banking licenses - the Financial Conduct Authority and the Prudential Regulation Authority - are finally set to deliver their verdict on the UK fintech giant’s ambitions, according to a new report in This Is Money.

It is not the first time a long-awaited decision has been said to be imminent but comes at a time of rising heat from the fintech’s founders over the delays.

Revolut’s move to become a fully licensed bank in the UK was first rumoured on the eve of the pandemic in March 2020, but it did not formally submit its application until January 2021.

However, more than two years later Revolut, which employs 1000 people in the UK and a further 5000 globally, is still waiting on a decision. 

This has led to a number of criticisms of the delay from the co-founder and CEO of the company Nik Storonsky.

Last week this culminated in Storonsky blaming both recent torrid market conditions in the banking sector as well taking aim at the UK’s tech scene.

Storonsky told the Financial Times the delay of more than a year on a typical license decision, which is normally turned around in 12 months, had been made worse by newfound caution by the regulators

“Ultimately it is not really us, it is generally the banking crisis we see at the moment that makes regulators extra cautious,”

The day previous, Storonsky told the Times the delays were symptomatic of “very little action” from the UK government to promote the UK as a tech hub.

“US tech champions are so supported by the government: all the lobbyists, politicians, governors, they always promote business, business, business and it is completely the opposite in the UK. We have experienced a slowing down. You never know what needs to be done here,” he said.