Revolut CEO confident on UK bank license approval as fintech firm hits record $545 million profit [CNBC]
SOFTBANK GRP UNSP/ADR (SFTBY)
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Source: CNBC
license, as a jump in users saw the firm report record full-year pre-tax profits. In an exclusive interview with CNBC, Nikolay Storonsky, Revolut's CEO and co-founder, said that the company is feeling confident about securing its British bank license, after overcoming some key hurdles in its more than three-year-long journey toward gaining approval from regulators. “Hopefully, sooner or later, we'll get it,” Storonsky told CNBC via video call. Regulators are “still working on it,” he added, but so far haven't raised any outstanding concerns with the fintech. Storonsky noted that Revolut's huge size has meant that it's taken longer for the company to get its banking license approved than would have been the case for smaller companies. Several small financial institutions have been able to win approval for a banking license with few customers, he added. “U.K. banking licenses are being approved for smaller companies,” Storonsky said. “They usually approve someone twice every yea
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