Revolut boss abandons UK residency in favour of UAE
The boss of London-born fintech juggernaut Revolut has abandoned his main residency in the UK in favour of the United Arab Emirates.
Nik Storonsky’s updated residency was posted in fresh Companies House filings on the fintech chief’s family company on Tuesday.
The move comes mere weeks after Revolut pumped £3bn into the UK as it launched its global headquarters in London.
The billionaire fintech founder said the fresh injection of capital “would not only create 1,000 new jobs but will also fuel the innovation from our London hub that will help us deliver on our global ambitions.”
Storonsky, who founded the digital bank in 2015 alongside Vlad Yatsenko, renounced his Russian citizenship in the wake of the country’s invasion of Ukraine.
He joins a growing list of Britain’s wealthiest entrepreneurs who have fled the country since Labour came to power.
According to an analysis of Companies House data, 3,790 company directors ditched Britain as their official country of residence between last October and last month. This was up from the 2,712 that did so over the same period the previous year.
Revolut a listing target for Reeves
Chancellor Rachel Reeves had touted Revolut’s investment as a “vote of confidence” in the UK.
“The UK is well and truly open for business under this government,” she added in a speech at the firm’s event.
Reeves has attempted to make major swings in the last year to galvanise the next generation of fintech listing candidates.
Last month, The Times reported Revolut was considering a $75bn dual listing across the UK and US.
Such a move would provide major relief to the City after Storonsky had previously branded a listing as “not rational”.
A source told The Times that the idea of a dual listing for Revolut was being “widely discussed”.
A deal in this form would make history as the first time a company has simultaneously listed in New York and entered the FTSE 100 index.
But the fintech has faced a regulatory headache in its process to becoming a fully-fledged bank – something Storonsky has listed as the firm’s “number one” priority.
Most recently, the Financial Times reported Governor of the Bank of England Andrew Bailey had blocked a meeting ordained by Rachel Reeves to help the fintech to secure a licence.
Revolut was contacted for comment.