Revolut CEO Confident in Securing U.K. Banking License

Revolut CEO Confident in Securing U.K. Banking License

Nikolai Kuznetsov
2 min read

Revolut CEO Confident in Securing U.K. Banking License

Revolut's CEO, Nikolay Storonsky, is optimistic about the company's prospects for obtaining a U.K. banking license, following a surge in users that led to record full-year pre-tax profits. In an exclusive interview with CNBC, Storonsky expressed confidence in securing the license after overcoming significant hurdles in their three-year application process. The company, currently a licensed electronic money institution, aims to offer lending products like credit cards and mortgages with a bank license. Revolut faced delays due to issues with its share structure, which has since been resolved by unifying its share classes.

Key Takeaways

  • Revolut anticipates a U.K. banking license approval soon.
  • Record profits in 2023: £438 million pre-tax.
  • User base surged by 12 million in 2023.
  • Interest income now constitutes 28% of revenues.
  • Revolut invested $300 million in advertising and marketing in 2023.


Revolut's surge in profitability and user growth, driven by strategic investments and operational efficiency, positions it well for a U.K. banking license. Approval could expand its product offerings, enhancing competitiveness and revenue streams. Short-term, this boosts investor confidence and market share. Long-term, access to lending could diversify revenue and solidify its position in fintech. Regulatory compliance and sustained financial discipline remain critical.

Did You Know?

  • Zero-based budgeting (ZBB):
    • Zero-based budgeting is a method of budgeting in which all expenses must be justified for each new period. Unlike traditional budgeting where budgets are rolled over from the previous year, ZBB starts from a "zero base" every year, requiring managers to justify all expenditures from scratch. This approach can lead to more efficient spending and cost control, as it encourages scrutiny of all costs and prioritization of essential expenses.
  • Licensed electronic money institution:
    • A licensed electronic money institution is a type of financial institution authorized to issue electronic money and provide payment services. Unlike traditional banks, these institutions do not take deposits from the public but can still offer services like money transfers, prepaid cards, and online payment processing. This status is often a stepping stone for fintech companies like Revolut before they obtain full banking licenses, which allow them to offer a broader range of financial products and services.
  • Interest income as a revenue stream:
    • Interest income in the context of financial services refers to the revenue generated from lending money or providing credit to customers. For a fintech company like Revolut, this can include income from loans, credit cards, and other lending products. As Revolut expands its offerings and secures a banking license, interest income becomes a significant component of its overall revenue, reflecting its ability to leverage its customer base for lending activities and diversify its income sources.

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