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Revolut’s co-founders have launched a blistering attack on the UK as a place to run a business, saying they wouldn’t consider listing in London.
Nik Storonsky, chief executive officer, and Vlad Yatsenko, chief technology officer, said in an interview with the Times of London that the UK’s regulatory environment was holding them back and London’s appeal is on the wane after Brexit. The London-based firm applied for a UK banking license in 2021 and is waiting for a decision from the Bank of England’s Prudential Regulation Authority.
Storonsky criticized the process. “You wait for emails or letters for months,” he said. “This is not the business environment to operate in the modern world.”
A spokesperson for the PRA declined to comment.
Storonsky also said that in the event of a public offering, the company would choose the US. “It’s hard to do business in the UK: the exchange is much less liquid so I just don’t see the point,” Storonsky said.
The extraordinary outburst comes at a difficult time for the firm. A shareholder in Revolut Ltd. has cut the value of its stake in the UK financial technology firm by 46%, the latest indicator of how investor caution is impacting the fintech sector. ..
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