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Revolut and SoftBank had been locked in months of negotiations, with the Japanese investor demanding stiff compensation for giving up its priority class of shares, the report said. The fintech startup can only win a UK banking license if it gets rid of preference shares held by investors including SoftBank. The Bank of England had instructed Revolut to collapse its six classes of shares into one as a condition for a full license which the company first applied for over two-and-half years ago, according to the FT report.

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