London-based fintech giant Revolut has found itself at the centre of a scandal after it emerged that the company failed to inform British regulators that its founder and CEO, Nik Storonsky, had changed his residency to the United Arab Emirates. The information surfaced accidentally — through corporate documents of the entrepreneur’s family office, which came to the attention of Financial Times journalists in October. Until that moment, neither the Treasury, the Financial Conduct Authority, nor the Bank of England was aware of the change.
The situation is particularly sensitive given that Revolut is in the process of securing a full UK banking licence — an issue the company has been trying to resolve for several years. Documents of Storonsky’s family office list his residency as the UAE, while Revolut’s official registration with Companies House continues to show his UK address. This discrepancy triggered an immediate response from officials, who demanded explanations and assurances that the CEO’s geographic split would not affect the neobank’s governance.
Why regulators were alarmed and what followed
Major financial institutions are usually expected to notify regulators in advance about any substantial changes in the status of key executives. Revolut was not formally required to report changes in the family office documents, which is technically a separate structure, but the fact that the information emerged through the press rather than official channels raised questions. Sources familiar with the company’s position said that contact with ministers and regulators began immediately after the media reports. Revolut representatives told officials that Storonsky has divided his time for years among several homes — in
- London,
- Dubai,
- Barcelona,
- Brazil,
- and the United States.
One source close to the company clarified that Revolut is managed from the UK, while the entrepreneur oversees his family office from Dubai — hence the discrepancy in paperwork. Analysts note that UAE real estate news last 24 hours highlights a growing influx of international business leaders into the region, where favourable tax policy, modern infrastructure and a transparent business environment make the Emirates particularly attractive for those running global companies and seeking flexible working conditions.
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What this means for the banking licence and Revolut’s plans
Revolut is valued at USD 75 billion after last week’s funding round. Yet, the company remains in the so-called“mobilisation stage” — an interim licensing phase during which a bank may hold no more than £50,000 in total deposits. Progress toward a full licence has been slowed by regulators’ concerns about whether the company’s risk-control systems can keep pace with its international expansion. No organisation of Revolut’s scale — with 65 million clients in around 40 countries — has ever gone through the mobilisation phase before. UK regulators also understand that their approval would set a precedent for other jurisdictions worldwide. Key facts about the case include:
- The company operates across 39 markets and aims to secure a full UK licence by year-end
- The initial restricted licence was granted last year after three years of negotiation
- Storonsky has previously criticised regulators for excessive caution and delays
Meanwhile, British politicians are actively courting Revolut, hoping the company will expand its presence in the UK and potentially list in London. In September, Chancellor Rachel Reeves personally attended the opening ceremony of the fintech’s new Canary Wharf offices, where plans to invest £3 billion and hire 1,000 employees in the UK market were announced.
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A Revolut spokesperson emphasised that Storonsky’s role and responsibilities within the company have not changed and that his Companies House registration remains UK-based. At the same time, Dubai mortgage for non residents is becoming an increasingly popular financial tool among international entrepreneurs attracted by the stability of the Emirati economy, accessible lending and zero income tax. The Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England declined to comment on the situation surrounding Revolut.
