Congratulations are in order to Nik Storonsky, co-founder of Revolut and arguably the most patient businessman in London. He has had to wait a tedious three years to finally secure a British banking licence, opening the door up to further expansion for the $45 billion fintech.
This is fantastic news…for the FT. Some time ago, the Pink’un struck a deal with Revolut to be included in the bank’s premium Metal account service. For the £14.99 monthly fee, customers get a suite of benefits including insurance, WeWork access, and of course a free FT digital subscription, which by itself costs more than double if you get it with the paper separately.
Spy has met plenty of folk who say they’ve opened an account with Revolut purely for the discount on access to the FT…including a member of the Standard City desk, who shall remain nameless.
In its most recent annual report, Revolut pocketed around a quarter of a billion pounds from its premium account fees, and this is sure to go up as Britain’s newest bank grows. Spy wonders quite how much the FT stands to benefit.
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