FinTech: Boss And Founder Nik Storonsky Criticizes Delay In Decision On Revolut’s Banking Application

May 9, 2023 | FinTech, Latest News, News

Nik Storonsky also threatened that in the event of an IPO, Revolut may elect to list on the Nasdaq, rather than London.

The decision on whether to grant a banking license to Revolut, a British financial technology company valued at £14 billion and one of the UK’s most valuable start-ups, is still hanging fire but is expected to be made in the coming weeks by regulators. However, Nik Storonsky, founder and CEO, gave vent to his frustrations last week in an outburst that severely criticized the delay considering the application has been pending for over two years. (MSN)

Describing the application as a ‘long and tiring process,’ Storonsky said: “You wait for emails or letters for months. This is not the business environment to operate in the modern world.”

If Revolut were ever to go public, Storonsky stated that it would probably choose the Nasdaq in New York over London.

‘It’s hard to do business in the UK: the exchange is much less liquid so I just don’t see the point,’ he said.

Storonsky’s eruption invited criticism from analysts and leaders in the UK tech sector, however, who said ‘tantrums’ would not help Revolut’s cause.

Related Story:  Revolut Reaches Profitability Milestone In 2021

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