Revolut will learn its fate within weeks as British regulators close in on a decision on whether to grant it a banking licence.

The financial tech firm, one of the UK’s most valuable start-ups worth £14billion, claimed at the start of March it would receive a licence ‘imminently’ – possibly within days.

But it has been left frustrated as its attempts to win approval from regulators have been beset by delays – prompting what some saw as a tantrum last week when boss and co-founder Nik Storonsky spoke out against Britain as a place to do business.

Revolut has been trying for over two years to secure a licence, which would allow it to expand its services in Britain into taking deposits and giving loans. 

Matters were not helped after the company’s latest accounts were five months overdue and its auditor BDO stated some parts may have been ‘materially misstated’. 

But Revolut’s fate is due to be decided soon with a verdict from regulators expected to be made in the coming weeks.

The company’s impatience around the licencing process appeared to boil over last week when Storonsky said securing approval had been a ‘long and tiring process’.

‘You wait for emails or letters for months. This is not the business environment to operate in the modern world,’ he said, adding there was a ‘slowing down’ in British tech despite ambitions to become the next Silicon Valley.

Storonsky also said if Revolut ever planned to list on the stock market it would likely choose the Nasdaq in New York over London.

‘It’s hard to do business in the UK: the exchange is much less liquid so I just don’t see the point,’ he said.

But Storonsky’s extraordinary outburst prompted criticism from analysts and leaders in the UK tech sector, with one observer saying throwing a ‘tantrum’ would not help Revolut secure a banking licence.

Russ Shaw, founder of industry group Tech London Advocates, said: ‘I don’t think having tantrums is a constructive approach in terms of getting approval of the types of actions and licences that you need.’

The boss of Revolut has slammed regulators for failing to hand it a UK banking licence – just months after the payment app said that it was expecting a green light ‘imminently’.

Revolut has been trying for more than two years to win approval from regulators, which would allow it to expand its services in Britain into taking deposits and giving loans.

In early March the company said a licence from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) would be granted ‘imminently’ – possibly within days.

But following a warning from its auditor that parts of its accounts were ‘materially mis-stated’, it is still waiting.

Smaller rivals such as Monzo and Starling already have UK banking licences, while Estonia’s LHV bank was granted one this week.

In an outburst yesterday – labelled ‘sour grapes’ by one City observer – Revolut co-founder and chief executive Nik Storonsky said winning approval has been a ‘long and tiring process’ and warned Britain was an undesirable place to do business.

‘You wait for emails or letters for months. This is not the business environment to operate in the modern world,’ he told The Times, adding that there was a ‘slowing down’ in British tech despite political ambitions to become the next Silicon Valley. ‘In the past a lot of people would come to London; it was the place to be. That has now changed.’

Storonksy’s comments come as his business faces increasing scrutiny. London-based Revolut raised eyebrows after its latest accounts were five months overdue, with its auditor BDO stating that some parts were ‘materially mis-stated’.

This included three-quarters of its £636m revenue in 2021, which BDO said it could not independently verify. Revolut was also criticised by the FCA in March and ordered to change or remove an advert within 48 hours.

The watchdog declined to give details but its rules state: ‘All adverts and promotions for financial services must be fair, clear and not misleading.’

The firm also suffered a setback last month when Schroders valued it at £14billion, a far cry from the £27billion price tag it boasted in its last funding round in 2021.

Danni Hewson, financial analyst at AJ Bell, said there was an element of ‘sour grapes’ in Storonsky’s comments. ‘I think Britain has become a bit of a punchbag for people who don’t get their way in business,’ she said.

Revolut was set up in 2015 by Storonsky and Vlad Yatsenko. It has 28m customers and operates in more than 200 countries.

Storonsky told The Times that he would choose New York over London if he was ever going to list the company.