On behalf of the Balderton Capital team, and hot on the heels of publishing an exceptional set of 2023 results, I find myself again writing to congratulate the Revolut team on another major milestone, namely the granting of a UK Banking Licence. This has been a much talked about topic but gaining a banking licence when you are at the scale that Revolut has gotten to was always going to take a lot of work. The regulators rightly poured over an incredible level of detail, ensuring that the company looks after its customers to exacting standards, operates a robust risk & compliance organisation and culture and much, much more. This licence is testimony to the sophistication and quality of Revolut's organisation, technology and leadership - and their obsession with improving 45 million (and growing fast) consumers’ financial lives.
Back in 2015 when we first invested, leading Revolut’s Seed round, they were relying on a 3rd party's licence in order to launch but, in short order, got their own e-money licence. That was one of the milestones that led us to double down and lead the Series A too. Since then the company has gone on to gain a variety of licences all over the world enabling them to operate in 38 (and counting!) countries around the world.
So, congratulations again to Nik Storonsky, Vladyslav Y. and the whole team on this milestone!
Onwards.
