0:00
Revolut has finally secured its UK
0:02
banking license. Now, on one level, it's
0:04
just another regulatory milestone. On
0:06
another, it marks the moment when an
0:08
insurgent fintech disruptor becomes
0:10
something much bigger, a fully fledged
0:12
bank in its home market. Revolut stands
0:15
out as a reminder that this country can
0:16
still produce world-class companies.
0:19
Britain has many of the ingredients
0:20
required to produce these global tech
0:23
champions. We have world-leading
0:24
universities, deep pools of talent,
0:26
sophisticated financial markets, and a
0:28
long tradition of entrepreneurial risk
0:30
taking. And every so often, a company
0:32
emerges that brings those ingredients
0:34
together in spectacular fashion, and
0:37
Revolut is one of them. Which brings us
0:39
to the slightly uncomfortable question,
0:41
an uncomfortable reality, in fact. Arm
0:44
opted for a US listing over the UK.
0:46
Darktrace was taken private out of
0:48
London by US private equity. And Wise
0:51
has one foot out the door with its dual
0:52
US listing. If Revolut eventually lists
0:55
on the stock market, where will that
0:56
listing take place? The honest answer is
0:58
that it probably won't be in London. If
1:00
Britain consistently produces innovative
1:02
companies but fails to host their
1:04
listings, then we risk becoming a place
1:06
where great businesses are born but not
