Home Estate Planning Revolut UK chief: New York threatening London’s ‘supremacy’ in fintech

Revolut UK chief: New York threatening London’s ‘supremacy’ in fintech

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London is at risk of losing its fintech “supremacy” to New York, the UK boss of Revolut has said, as the city boasts a plethora of top talent, and the depth of US capital markets will tempt companies looking to IPO.

Speaking at the Innovate Finance Global Summit on Monday, Revolut’s UK chief executive Francesca Carlesi discussed the firm’s consideration of a London listing, which could be a major boost for the capital’s beleaguered stock market.

“It is proven that it’s always better to list where the majority of your business is,” she said. “However… you have a responsibility towards your shareholders, so you need to assess that your listing is what’s right from a value creation point of view.”

She stressed the “need to be fair and make sure you do all the assessments”.

Since joining the firm in December, one of Carlesi’s main tasks has been trying to steer Revolut – valued at $33bn (£26.5bn) in 2021 – towards a UK banking licence, which could turbocharge growth in its home market.

Carlesi was bullish on the UK’s prospects for fintech firms. “The UK is the global leader for financial services in fintech,” she said.

“We cannot do everything, be everything to all people. But what we can be is the leader in fintech globally – and I mean above and beyond Silicon Valley.”

Alongside the lofty valuations offered by the US stock market, particularly for tech firms, Carlesi said the Big Apple had attracted a deep pool of top talent.

“Right now there is a bit of a risk posed by New York. It’s not just about listing, it’s about talent,” she said.

“New York is probably the only other city in the world with the same concentration of human capital in financial services. So that’s where I see the biggest threat – more than on the IPO side.”

Carlesi is a co-chair of the “Unicorn Council” launched by Innovate Finance last month, which has made sweeping policy recommendations for the government in a bid to boost fintech investment and London IPOs.

Paul Taylor, CEO of Thought Machine and another member of the council, also said at the event on Monday: “[Fintech] is the most prominent part of the UK tech sector. We aren’t going to win it all but we can definitely win this bit.”

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