Revolut CEO: Growing Without Banking License Was Mistake

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class="col-6 my-auto"> <span class="post-info-text small muted text-uppercase">By</span> <span class="author-name vcard fn small muted text-uppercase fw-bold" itemprop="author"> <a href="https://www.pymnts.com/author/pymnts/" title="Posts by PYMNTS" rel="author">PYMNTS</a> </span> <span class="small muted d-none d-md-inline"> | </span> <span class="small muted text-uppercase d-block d-md-inline">November 20, 2024</span> </div> <div class="col-6 text-end my-auto">  <a href="https://www.facebook.com/sharer.php?u=https://www.pymnts.com/bank-regulation/2024/revolut-ceo-growing-without-banking-license-was-wrong-decision/&t=Revolut+CEO%3A+Growing+Without+Banking+License+Was+%E2%80%98Wrong+Decision%E2%80%99" title="Share on Facebook"><i class="bi bi-facebook me-1 text-dark"></i></a><a href="https://twitter.com/share?text=Revolut+CEO%3A+Growing+Without+Banking+License+Was+%E2%80%98Wrong+Decision%E2%80%99 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Check it out: https://www.pymnts.com/bank-regulation/2024/revolut-ceo-growing-without-banking-license-was-wrong-decision/"><i class="bi bi-envelope-fill ms-1 me-0 ms-1 me-md-1 text-dark"></i></a> <span class="d-none d-md-inline"> | </span> <span class="d-block d-md-inline"> <button class="d-none d-lg-inline-block noHover audioPlay border-0 px-0 article-play-button fw-normal py-1 my-0" type="button" value="Play"> <i class="bi bi-play-circle-fill mx-1 text-dark"></i></button> <button class="d-lg-none noHover audioPlay border-0 px-0 article-play-button fw-normal py-1 my-0" type="button" value="Play"><span class="listenToArticle small text-uppercase"></span><i class="bi bi-play-circle-fill text-dark mx-1"></i></button> <button class="noHover audioPause border-0 px-0 article-pause-button py-1 my-0"><i class="bi bi-pause-circle-fill text-dark mx-0"></i></button> </span> </div></div> </div> </div> <div id="post-feat-img" class="left relative mb-3"> <img class="py-desktop w-100 h-auto pymnts-featured-sm-image " width="1000" height="600" alt="" src="https://www.pymnts.com/wp-content/uploads/2024/07/Revolut-1.jpg?w=768" /> </div> <div class="post-feat-text"> </div>  <div id="pymnts-content2295459" class="single lh-article mt-1 lnk-article"> <p>Is U.K. FinTech startup <a class="editor-rtfLink" href="http://revolut.com" target="_blank" rel="noopener">Revolut</a> pursuing a banking license in the U.S?</p> <p>CEO <a href="https://www.linkedin.com/in/nstoronsky/?originalSubdomain=uk" target="_blank" rel="noopener">Nik Storonsky</a> reportedly <a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2024-11-20/revolut-s-nik-storonsky-hints-at-us-banking-license-application?sref=zNmRQ0gk" target="_blank" rel="noopener">hinted as much</a> when speaking to an audience of investors in Helsinki, Finland, on Wednesday (Nov. 20), noting that the U.S. market is more credit card-centic, making it tougher to compete without that option.</p> <p>“In the U.S., you need to be credit-driven. So in the U.S., we need to have a banking license to launch a product,” said Storonsky, whose comments were reported by Bloomberg News.</p> <p>Revolut does business in the U.S. in partnership with <a href="https://www.lead.bank/" target="_blank" rel="noopener">Lead Bank</a>, the report noted, having applied in 2021 for a license that would let it provide banking services such as loans.</p> <p>But Storonsky said the company is in no hurry to move into new markets as it was before, telling his audience that Revolut’s original “grow fast” ethos had been ill-considered.</p> <p>“For a long time, I wanted to be as less regulated as possible, it was the completely wrong decision,” he said, adding that a smaller company would have been able to get licenses more easily than one the size of Revolut in 2024.</p> <p>Revolut was granted a British <a class="editor-rtfLink" href="https://www.pymnts.com/news/digital-banking/2024/revolut-finally-lands-british-banking-license/" target="_blank" rel="noopener">banking license</a> in July after three years of waiting. The process took longer than usual, with Revolut facing scrutiny <a class="editor-rtfLink" href="https://www.pymnts.com/bank-regulation/2023/revoluts-size-draws-regulatory-attention-in-uk-banking-license-process/" target="_blank" rel="noopener">over its size</a>, as well as issues with its financial reporting.</p> <p>The company was recently <a class="editor-rtfLink" href="https://www.pymnts.com/news/digital-banking/2024/revolut-valued-45-billion-dollars-secondary-share-sale/" target="_blank" rel="noopener">valued at $45 billion</a> in a secondary share sale and announced this week that it had 50 million customers globally, 20% of them in its home country.</p> <p>According to Bloomberg, Storonsky wants the company to double in size, saying it is targeting 100 million daily active customers in 100 countries, as well as $100 billion in yearly revenue.</p> <p>Revolut also announced this week that it plans to offer its 650,000 British customers new trading products and features after getting a <a class="editor-rtfLink" href="https://www.pymnts.com/news/international/2024/revolut-expand-trading-products-after-receiving-united-kingdom-license/" target="_blank" rel="noopener">trading license</a> from the Financial Conduct Authority (FCA).</p> <p>And last week, Revolut announced it was <a class="editor-rtfLink" href="https://www.pymnts.com/cryptocurrency/2024/revolut-opens-crypto-exchange-30-european-countries/" target="_blank" rel="noopener">expanding its cryptocurrency exchange</a>, with Revolut X, designed for professional crypto traders, now available in 30 new European Economic Area (EEA) countries.</p> <p>“The feedback from experienced traders has been very positive, with many already taking advantage of our near-zero fees, wide range of available assets and seamless integration with their Revolut accounts,” <a class="editor-rtfLink" href="https://uk.linkedin.com/in/bashleon" target="_blank" rel="noopener">Leonid Bashlykov</a>, head of product at Revolut, said in a news release. “Safety and accessibility are at the heart of our standalone exchange because we recognize that crypto traders value these features above all else.”</p> <div class="pymnt-f599f42683cf910ffe0f85e78eb60fee pymnt-bottom-of-article" id="pymnt-f599f42683cf910ffe0f85e78eb60fee"></div> <div id="bottom-ad"> <div data-pymnt-trackid="2020540" data-pymnt-trackbid="1" class="pymnt-target" id="pymnt-1414963155"><a data-no-instant="1" href="https://www.pymnts.com/monitor-edge/" rel="noopener" class="adv-link" target="_blank" aria-label="PYMNTS-MonitorEdge-May-2024"><img src="https://www.pymnts.com/wp-content/uploads/2024/08/PYMNTS-MonitorEdge-May-2024.gif" alt="PYMNTS-MonitorEdge-May-2024" width="1728" height="345" /></a></div> </div> <div class="row row-cols-1 row-cols-lg-1 recommended-articles" style="clear:both;"> <div class="col mb-1"> <h4 class="header-border text-uppercase small mb-0"> <span class="border-layer border-secondary"> Recommended </span> </h4> <div class="row item 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