Revolut's quest for a UK banking license has taken so long that it's almost withered away...

To be honest, seeing Revolut's application for a banking license in the UK stuck for over three years without approval makes me, as a long-time user, anxious for them. This fintech company now has nearly 40 million users worldwide, yet they have been unable to secure a formal banking license in the UK, which is quite absurd, isn't it?

Recently, Chancellor Rachel Reeves even tried to help facilitate a meeting between Revolut and the Bank of England's regulatory body, only to be outright rejected by Governor Andrew Bailey. Bailey's reasoning was quite official — to maintain the independence of central bank regulation. But anyone with clear eyes can see that it's not that simple behind the scenes.

Several friends of mine in the finance sector are complaining that UK regulators are too conservative towards emerging tech companies. Just look at the EU; Revolut obtained a banking license in Lithuania long ago and is operating just fine. They are also actively expanding in the US market, and I’ve heard they are considering a direct listing on Nasdaq. If they end up being delayed by UK regulations and have to go public in the US, that would be quite embarrassing — a star company incubated in the UK having to ring the bell in the US?

What’s most concerning now is whether this overly cautious regulatory attitude will scare off other fintech companies as well. The UK has boasted for years about being a global fintech hub, but if they can't even manage top enterprises like Revolut, who would dare to come here in the future?

As an ordinary user, I just hope the regulatory bodies can be a bit more flexible. After all, the services provided by Revolut are indeed convenient, and traditional banks simply can't compete with international transfers and multi-currency accounts. If their development in the UK is hindered by licensing issues, it will ultimately be us consumers who suffer...