Revolut

There’s very little to celebrate in Downing Street these days but it must have been vodka shots all round in Chancellor Rachel Reeves’s office last week when Revolut, the City’s glossiest fintech start-up, finally secured the banking licence it has been pursuing for the past five years. Founded as a currency payments app in 2015 by two tech entrepreneurs, Russian-born Nik Storonsky and Ukrainian Vlad Yatsenko, Revolut acquired customers at an explosive rate and first sought recognition as a UK bank – able to accept deposits under the umbrella of the Financial Services Protection Scheme – in 2021. But a delay in publishing accounts because auditors could not verify almost

Twice I met the tech tycoon Mike Lynch, once a decade or so ago and again this year, shortly after he returned from his fraud trial acquittal in California. On the first occasion, I followed him as a speaker at a corporate conference in, of all places, the National Football Centre in Burton-on-Trent. He was the star of the show and we exchanged barely a nod. In those days – after he sold his software company Autonomy to Hewlett Packard of the US for $11 billion, but before his career was overtaken by HP’s allegations that Autonomy’s accounts were fraudulent – he had a reputation for arrogance in business which