A major investor in payments app Revolut has admitted being ‘impatient’ at its prolonged attempt to gain a UK banking licence.
The fintech firm insisted in March it would be granted a licence imminently – but 297 days later it is still waiting.
It is due to publish long-delayed financial results for 2022 today – a move it hopes will bring it closer to the licence being approved.
Revolut has suffered a series of setbacks this year with auditors raising questions over an earlier set of delayed results for 2021.
A key investor has told the Mail that they continue to be pleased with Revolut’s performance as it diversifies into other areas.
Delays: Revolut insisted in early March that it would be granted a banking licence imminently – but 297 days later it is still waiting
And the investor played down the idea that Revolut might abandon its pursuit of a banking licence given the time it was taking.
But they said they would be pleased when and if it does achieve a licence and ‘in that sense we are impatient’.
The comments add to the sense of disquiet from backers, even as they remain supportive.
Revolut was previously valued at around £26billion but earlier this year some investors wrote down their holdings.
Its licence application is being scrutinised by the Prudential Regulation Authority and the Financial Conduct Authority.
Revolut said: ‘We do not comment on ongoing licence applications.’
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