Revolut CEO Nik Storonsky says the fintech's two-year quest to secure a UK banking licence is now being held up by "extra cautious" regulators spooked by recent events at the likes of Silicon Valley Bank and Credit Suisse.
At the beginning of March, Revolut chief revenue officer Mikko Salovaara signalled that the unusually-long process to secure a licence was coming to a close, promising that it would arrive "any day now".
However, in an interview with the Financial Times, CEO Storonsky now says: "Ultimately it is not really us, it is generally the banking crisis we see at the moment that makes regulators extra cautious."
The FT cities two people familiar with the licence process as saying that recent turmoil "would not impact" the application.
Revolut lodged its application in January 2021. The process normally takes around a year but the Financial Conduct Authority has reportedly been concerned about auditing, compliance and corporate culture issues.
Recently, progress on the application has slowed down or nearly halted, according to the FT, citing people familiar with the approval process.
The delay is proving costly for Revolut, not only preventing it from expanding its product range to things such as loans, but also impacting its business in the US, Canada and Australia, where regulators are watching the UK's approach to the company.