Revolut Faces Regulator Heat… but Guess What Triggered It This Time?
Hey Digital Banking Fanatics!
Revolut is back in the spotlight after CEO Nik Storonsky shifted his residency to the UAE.
The move raised fast questions around governance and disclosure as Revolut continues its long push with UK authorities.
Revolut says nothing changes. Global operations as usual. The company says the move also does not affect its management.
But the optics are loud. And the questions keep coming... UK watchdogs discovering the change through media coverage is exactly the kind of detail that keeps the questions coming.
If you're into Digital Banking shake-ups, definitely check out the other updates I pulled together below 👇
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INSIGHTS
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NEWS
🇬🇧 Revolut is in a new spat with regulators over CEO Nik Storonsky’s shift of his residency to the UAE. Regulators sought assurances that the move wouldn’t affect Revolut’s operations or its long-pending bid for a UK banking licence. Revolut said the change relates to Storonsky’s office, doesn’t impact management, and that he continues to split his time between the UK and key global markets.
🇪🇸 Revolut increases its commitment to Spain and aims to exceed 7 million customers by 2027. The company is about to break the six million mark, meeting its forecasts. "Spain is one of the countries where we have been growing most rapidly," commented the Vice President of Global Business, David Tirado.
🇪🇸 Revolut appoints Ignacio del Valle, Head of Legal, as interim CEO in Spain. While not expected to drive strategic execution, he will oversee regulatory reporting until a permanent successor is appointed. Continue reading
🇺🇸 Nubank is negotiating naming rights for Inter Miami's future stadium. According to a journalist, a digital bank led by David Vélez is close to finalising a ten-year contract with Messi's team, worth up to US$190 million over the period; Nubank declined to comment.
🌍 Zazu nets $1M pre-seed round to transform SME banking across Africa. Zazu aims to deliver a business banking OS tailored for Africa, and the startup is already in beta with 50 SMEs and has over 1,000 businesses waiting for access. Continue reading
🇮🇱 One Zero seeks $60-90 million as investors push back on its $360 million valuation. The bank projects reaching profitability by late 2026 and plans to roll out new products next year. One Zero has also halted its planned Italian expansion with Generali Bank after signing an earlier memorandum of understanding.
🇨🇱 Mercado Pago Chile is betting on being the primary provider, not on banking. Mercado Pago wants to distance itself from any local banking model, but its growth, efficiency, and business plans are pushing it to operate like one. The Head of Legal said that becoming a bank is not a priority for the company, but that financial authorities and its market share could force it into that role.
🇺🇸 Sony Bank plans to launch USD stablecoin by 2026. The token will be used across Sony’s entire entertainment ecosystem, including PlayStation, streaming services, and anime platforms, to offer faster, cheaper, and borderless digital payments.
🇬🇧 ClearBank appoints Angela Roberts as Group General Counsel. Her deep legal, regulatory and governance experience will be instrumental in navigating an evolving landscape and ensuring ClearBank continues to deliver innovative, compliant solutions for its clients.
🇺🇸 NatWest is reportedly in talks to sell the Cushon unit to WTW. Reuters reports that its sources price the deal at over £150 million, although they add that there is no final guarantee that the potential acquisition will be completed. Keep reading
🇩🇪 FIS inks deal with BMW Bank. Through this deployment, FIS is helping BMW Bank provide more efficient and meaningful financial transactions and customer service in its lending and deposits business, giving the bank greater opportunities to unlock growth and gain a competitive advantage.
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