Revolut has unveiled plans to build a global licencing team responsible for securing banking, trading and credit licences in new and existing markets, starting with the United Kingdom and the United States.

The new team will aim to deliver the entire end-to-end licensing process, from liaison with decision-makers, partners and regulators, through to the execution of specific deliverables required to obtain each licence. This will enable Revolut to move forward with the next phase of its global expansion plans.

Founder and chief executive Nik Storonsky admitted that building this team will be no easy task.

“We’re ideally looking for people who have previous experience in securing either a banking or trading licence, and they should be quite technical and be comfortable working in a very fast-paced environment,” he explained.

The roles that make up the core team will include a capital, liquidity and financial modelling manager, a licence business planning manager, a licence project manager for banking, a licence project manager for trading and a global head of licence operations.

With the UK due to leave the European Union on 29 March, Revolut stated that it is keeping an eye on any Brexit developments which could affect the passporting of its recently-acquired EU banking licence.

"Brexit is obviously a little bit of an inconvenience for us, but we've never been a reactive company,” said Storonsky. “That's why we've now secured an EMI licence in both the UK and Europe, and now that we have a European banking licence in place, our next step is to secure a UK banking licence."

He noted that there have been no signs of people not wanting to relocate to London for work in the FinTech sector, “and we're proactively working with government ministers on lobbying for a specialised Visa for high calibre software engineers and data scientists”, however Storonsky added that If the UK is to remain the tech capital of Europe, “we need to make it easy and fast for the best talent to come in”.

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