Rachel Reeves

Revolut, the UK-based fintech valued at $75bn, is facing continued scrutiny as it seeks a full banking licence from British regulators, despite pledging a £3bn investment into the UK economy. The digital bank launched its global headquarters in London in September 2025, with founder Nik Storonsky reaffirming obtaining a full UK banking licence as a “number one priority,” a goal that remains elusive.

The firm received provisional approval for a UK banking licence in 2024, initiating a 12-month “mobilisation stage” before full authorisation. However, insiders told City A.M. In late 2025 that the initial deadline of July 25th was unlikely to be met. Revolut maintains it is “working constructively with the PRA” and acknowledges the mobilisation process is the largest and most complex ever undertaken in the UK.

The protracted process has sparked political tensions. The Financial Times reported that Bank of England governor Andrew Bailey blocked a meeting, brokered by Shadow Chancellor Rachel Reeves, between Revolut executives and regulators. Reeves had hoped the summit would accelerate the fintech’s path to becoming a fully fledged bank, but Bailey reportedly intervened due to concerns over political interference in regulatory matters. The FT similarly cited concerns within the Bank of England regarding Revolut’s ability to maintain adequate risk controls alongside its rapid global expansion as a factor delaying final approval.

Incumbent bank executives have publicly questioned Revolut’s financial controls. Barclays’ CS Venkatkrishnan, speaking at a London banking conference in November 2025, emphasized the seriousness with which traditional banks approach the financial controls imposed by a banking licence. He questioned the ability of firms without such a licence to effectively manage financial risks.

Revolut responded swiftly, asserting it “abides by the same regulatory and consumer protection standards as any traditional bank.” However, the fintech has also signaled a potential shift in focus towards international expansion, with a source telling City A.M. In July 2025 that there was a “general feeling of frustration” with the City of London’s regulatory environment. This has been reflected in an aggressive overseas expansion, including securing regulatory approvals in the Middle East and the United States, with nearly 100 job advertisements open for the UAE and 77 in Dubai as of February 2026.

Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut has rapidly grown into a financial empire spanning dozens of countries. The company’s revenue climbed 72 per cent to £3.1bn in the last 12 months, driven by diversification into areas such as crypto, hotel bookings, and mobile plans. The firm’s internal culture, however, has drawn scrutiny. Reports have surfaced of a demanding environment, with a points-based ‘Karma’ system used to track employee behaviour and impact bonuses, a practice some have described as dystopian.

Despite the concerns, many Revolut employees have benefited financially from the company’s success. Analysis of Companies House records revealed that over 200 individuals were positioned to develop into millionaires through a secondary share sale in the previous year, valuing employee stock at $1,381.06 per share. This has led to the emergence of a “Revolut Mafia” – a network of former employees and executives who have gone on to found or lead other successful fintech ventures, including Allica Bank, Belvo, and Fuse.

Alan Chang, a former Revolut executive who started as an operations analyst in 2015 and rose to chief revenue officer, leads Fuse, which achieved a $5bn valuation after a $70m investment round in December. However, Fuse has also faced accusations of mistreating staff, leading to a statement from the firm affirming its commitment to high standards and responsible talent management.

Storonsky has downplayed the prospect of a London IPO, stating in a December interview that it was “not a priority” and would “most likely” occur in “two or three years,” favouring Wall Street due to its “greater liquidity.” This stance represents a setback for hopes that Revolut could provide a much-needed boost to the London Stock Exchange.