Revolut's billionaire co-founder and CEO Nik Storonsky has changed his residency from the UK to the United Arab Emirates.

Despite its leader's move, Revolut recently pledged to invest £3 billion in the UK, creating 1000 new high-skilled jobs over the next five years, Finextra reports.

However, the company has not always had a smooth relationship with its home market. Last year, it finally secured a UK banking license after a three year wait but it is still stuck in a "mobilisation" period.

Earlier this year, the Financial Times reported that UK chancellor Rachel Reeves had clashed with Bank of England governor Andrew Bailey over efforts to accelerate Revolut's authorisation as a fully-licenced bank, with Reeves eager to see the fintech get the greenlight as soon as possible.

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