UK-based fintech company Revolut has agreed to simplify its ownership structure with investor SoftBank, removing one obstacle to win a long-delayed banking license in its home market, the Financial Times reported on Tuesday, citing three people familiar with the matter.
Revolut and SoftBank had been locked in months of negotiations, with the Japanese investor demanding stiff compensation for giving up its priority class of shares, the report said.
The fintech startup can only win a UK banking license if it gets rid of preference shares held by investors including SoftBank. The Bank of England had instructed Revolut to collapse its six classes of shares into one as a condition for a full license which the company first applied for over two-and-half years ago, according to the FT report.
The agreement in principle struck last week does not include any new issuance of “top-up” shares for SoftBank, nor will it have a financial impact on the company, the people familiar with the situation said.
Banking 4.0 – „how was the experience for you”
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