Sources: top shareholder SoftBank demanded compensation from Revolut after UK regulators told the startup to simplify its ownership to obtain a banking license
They are nowhere near listing-ready, we're not in 2021. Will they ever be? … Maarten Ectors : Vodafone and BT are axing tens of thousands of jobs because of technology innovations. Revolut made most of its revenues from crypto banking fees … Alan Vaksman : This is a pivotal moment for the UK fintech. Like it or not Revolut is a pioneer and a leader in UK / European digital banking. … Tweets: Mick McAteer / @mickmcateer : Be worried when you read politicians are intervening in financial regulators' decisions. Seriously. Politicians intervening is not new. But it is more risky now and could get even more so due to the new growth and competitiveness objective 1/ https://www.ft.com/... via @FT Ivan Levingston / @ivanlevingston : This is a great scoop by @sjhmorris that also highlights a key issue for VC-backed fintechs that want/have banking licenses. You can't do the kind of structured deals that other startups do especially in this market https://www.ft.com/... James Lloyd / @jamesplloyd : “The Japanese investor has demanded compensation for giving up its priority class of shares, which the Bank of England has made a condition for granting the crucial licence, according to five people with knowledge of the situation.” lol https://www.ft.com/... Robert Smith / @bondhack : Revolut is locked in a fight with top shareholder SoftBank after regulators told the UK's biggest private tech company it must simplify its ownership to win a long-delayed banking licence @sjhmorris scoop https://www.ft.com/... Alex Johnson / @alexh_johnson : Not terribly surprising. https://twitter.com/...