Revolut obtains UK banking license after three-year wait, boosting valuation to $45bn.

Revolut, a London-based fintech company, has secured a UK banking license after a three-year waiting period, boosting its valuation to up to $45bn. The licence will help support a planned sale of existing shares and open the door to licences in other key markets. Revolut's co-founder and CEO, Nik Storonsky, has been critical of the UK's licensing application process, but has also brought in key figures to help manage the company's relationship with regulators, including City veteran Martin Gilbert as chair and Michael Sherwood, the former European co-head of Goldman Sachs.

August 16, 2024
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