Revolut is considering a plan to bolster its presence in France or Spain as the financial technology group’s longed-for British banking licence looks increasingly in doubt.
Bosses at the London-based business believe it would be prudent to set up another regulated entity in western Europe to support its growth there, whether it wins the UK licence or not.
Any sign that Revolut, last valued at $33 billion, might drift away from London would be a blow to the government’s hopes to make Britain a global hub for technology.
France and Spain are the most likely jurisdictions because both countries have made overtures to the company. Revolut already has a banking licence in Lithuania and from the European Central Bank.
A Revolut spokesman declined to comment
