Unicorn Fintech Revolut forced to deny Russian ties in Lithuania

Rival bank Unicorn, Revolut, has strongly denied claims that its activities to obtain a banking license in Lithuania are attempts to interfere in the country's politics.

A European banking license was granted to Revolut in Lithuania in December, but Lithuanian MEP Stasys Jakeliūnas, chairman of the Lithuanian Parliament's Budget and Finance Committee, has since said he has interfered with his political processes.

Jakeliūnas said about Revolut's banking license: "I would interpret this as an attempt to intervene in the political process here" and that the challenger bank was "not open enough," she said. Was not transparent enough ".

A spokesman for Revolut denied the suggestion of the Lithuanian politician that he was acting on behalf of Russia and that the Russian antecedents of the CEO implied it.

The co-founder and CEO of the bank, Nikolay Storonsky, was born in Russia, but has a British pbadport and has resided in the UK since the age of 20. Lithuania is an old part of the Soviet Union.

Storonsky's father has been director of Promgaz, a Gazprom division that has been on the US sanctions list since 2014, although Revolut has since claimed that the identity of Storonsky's father was an "irrelevant issue".

The challenger bank, which offers application-based bank accounts and debit cards offering free transactions in multiple currencies and cryptocurrencies, is also supported by DST Global, led by former Russian national Yuri Milner.

However, the DST fund that supports Revolut does not have Russian currency, according to fintech, and is a pbadive minority investor with no presence on the board of directors and no voting rights.

Jakeliūnas, of Lithuania, also claimed to have received information about Revolut and his general manager at the Financial Crimes Investigation Department and the State Security Department.

A spokesman for Revolut called the allegations political motives. The Telegraph first reported Russia 's allegations.

In an open letter, Storonsky had previously rejected claims about Revolut's ties to Russia, saying "alarmist rhetoric should not be taken lightly".

Revolut has faced a significant negative press in recent weeks. Last week, she was summoned by the FCA, the British finance watchdog, for her publicity about the London Underground, criticized for being inappropriate and misleading.