Nikolay Storonsky, the founder of cash-transfer app Revolut, approached a senior Bank of England official in a rare move last week amid his company's drive to become a bank. Storonsky, 37, is understood to have attended an event led by Sam Woods, deputy governor of the Bank, and City Minister John Glen, who dialled in virtually. Revolut has yet to receive a UK banking licence – partly owing to a backlog of applications at the Bank – despite applying for one early last year. Storonsky was making noises as far back as 2017 about applying for one, which the Bank would be responsible for granting. Two sources said Storonsky was seen talking to Woods, who is the most after governor Andrew Bailey. They suggested this reflected his ambition to secure a licence. Read the full This Is Money article through the link in the comments. #banking #digitalbanking #neobank #challengerbank #bankingservices #bankingprovider #onlinebanking #financialservices #financialtechnology
Link to full article: https://www.thisismoney.co.uk/money/markets/article-10679325/Revolut-founder-chases-elusive-licence-bank.html