The European Central Bank secretly restricted Revolut from launching new products across the EEA last summer, citing deficiencies in its product-approval process. The regulator ordered an independent review of risk, compliance, and legal functions, required stronger staffing and board oversight for future launches, and imposed tighter limits outside the EEA including no acquisitions and no new customers. The intervention clashes with CEO Nik Storonsky's 'self-guided missiles' culture of fast shipping with minimal oversight. The timing is sensitive as Revolut runs a share sale valuing it at $115bn, up from $75bn, with ambitions to eventually list at $200bn. The company has since launched mortgages and teen accounts, suggesting restrictions have eased, but the episode raises broader questions about whether a startup-culture company can sustain its pace under systemic bank-level supervision.
