Revolut, the UK-based financial technology company, has been making headlines recently due to the criticism of its founders towards the UK.
According to a recent Bloomberg report, Revolut’s founders have stated that they will not consider an initial public offering (IPO) in London due to concerns about the country’s regulatory environment.
The report cites sources close to the company, who claim that Revolut’s co-founders, Vlad Yatsenko and Nikolay Storonsky, are frustrated with the UK’s regulatory framework and feel that it is hindering the growth of their business.
The founders reportedly believe that London’s IPO market is too restrictive, and that a listing on a US exchange would be more advantageous.
Revolut CEO Blames Banking Troubles for UK License Delay
In a related development, Revolut CEO Nikolay Storonsky recently blamed the UK’s banking troubles for the delay in obtaining a banking license in the country.
According to a report by PYMNTS, Storonsky stated that the UK’s banking system is “broken” and that it is “hard to get a license in the UK because of the way the system works.”
Storonsky went on to explain that the UK’s banking system is “archaic” and that it is “designed to protect incumbents.” He also criticized the country’s regulatory framework, stating that it is too complex and difficult to navigate.
Revolut’s Plans Moving Forward
Despite the criticisms leveled against the UK by Revolut’s founders, the company has continued to expand its operations in the country. The company recently launched a new feature that allows UK customers to buy and sell cryptocurrencies directly from the Revolut app.
However, it remains to be seen whether Revolut will follow through on its threat to shun London’s IPO market in favor of a US listing. The company has not yet announced any plans for an IPO, but if it does decide to go public, it will be interesting to see which exchange it chooses to list on.
Revolut’s recent criticisms of the UK’s regulatory environment and banking system highlight the challenges that fintech companies face in navigating complex regulatory frameworks.
As the fintech industry continues to grow, it is likely that we will see more clashes between regulators and fintech companies, as each side tries to strike a balance between innovation and stability.
In the meantime, Revolut’s founders will continue to explore their options for expanding their business, and the company’s future plans will be closely watched by investors and industry insiders alike.