Revolut did not inform regulators before a corporate filing listed its chief executive as resident in the United Arab Emirates, prompting concern among officials and watchdogs in the UK, where the fintech is waiting for a full banking licence.
Officials at the Treasury, the Financial Conduct Authority and the Bank of England were first made aware of a change in Nik Storonsky’s residency after the Financial Times reported in October on changes made in Companies House filings for his family office.
The filings by Mr Storonsky’s family office indicate that his residency changed from the UK to the UAE, while Revolut’s own filings continue to show him as resident in Britain.
The change pushed regulators to seek an explanation and assurances that this geographical split would not affect the running of the London-headquartered neobank, according to three people familiar with the matter. Mr Storonsky co-founded Revolut, now Europe’s largest fintech, in 2015 and remains its largest shareholder and chief executive.
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Regulators normally expect to be informed of such address changes of key personnel before they appear in corporate filings, according to one person familiar with the matter. However, Revolut asserts that it was under no obligation to flag changes to Mr Storonsky’s family office, according to one person familiar with the bank’s position.
The person added that the company engaged with ministers and regulators after media reports surfaced.
Revolut told officials that the change had no bearing on its management and that Mr Storonsky had for years spent time between several homes in London, Dubai, Barcelona, Brazil and the US, according to a person familiar with the discussions.
While Mr Storonsky’s family office filings list his residence as the UAE, on Revolut’s group filings it remains England. One person close to the company said this reflected the fact that he managed Revolut from the UK while he managed his family office from Dubai.
Revolut said: “Revolut operates across 39 markets and our CEO, Nik Storonsky, divides his time across the UK and our key international regions, reflecting the global nature of the business. There has been no change to his role or responsibilities at Revolut.”
The fintech, which was valued at $75bn in a fundraising round that concluded last week, is trying to secure a full UK banking licence by the end of this year. Last year the start-up was approved for an initial licence with restrictions after a three-year wrangle with regulators. Mr Storonsky blamed part of the delay on their overly cautious and slow approach.
Revolut remains in a regulatory “mobilisation phase”, when it can only hold £50,000 of total deposits. Companies are meant to build out their infrastructure before exiting mobilisation to become a fully-fledged bank.
Revolut’s full licence is being held up amid concerns over whether its risk controls can keep pace with the rapid growth of its overseas operations, the FT has previously reported. No company of Revolut’s size — it has 65mn customers across about 40 countries — has ever entered the mobilisation phase.
UK regulators are also being cautious since they understand that as soon as they approve the company’s licence, other jurisdictions will follow suit.
At the same time, politicians have been on the charm offensive to persuade the rapidly growing company to expand its UK presence and potentially list in London. In September, chancellor Rachel Reeves and Mr Storonsky appeared at the opening of Revolut’s new Canary Wharf offices as the fintech announced plans to invest £3bn and hire 1,000 people in its home market.
The FCA and the BoE’s Prudential Regulation Authority declined to comment. - Copyright The Financial Times Limited 2025
