Fintech giant Revolut appoints new UK boss amid struggles to get banking license

Nikolay Storonsky, founder and CEO of Revolut.

Harry Murphy | Sportsfile for Web Summit by way of Getty Images

European fintech agency Revolut on Thursday stated it appointed former Barclays government Francesca Carlesi as its new U.Okay. CEO.

Carlesi, who additionally labored at Deutsche Bank and has 15 years of expertise in monetary companies, was most just lately CEO of digital mortgage lender Molo Finance.

A spokesperson for Revolut instructed CNBC that the transfer was not linked to its software for a banking license.

Carlesi can be in control of the corporate’s U.Okay. operation — which, as soon as it receives a banking license, would handle the Revolut banking division.

The appointment comes at a time when Revolut is beefing up its native operation amid an extended wait to get hold of a coveted British banking license. An organization spokesperson declined to touch upon the standing of the corporate’s software.

A banking license would enable Revolut, which is considered one of one of many corporations featured in CNBC and Statista’s checklist of the highest 200 world fintech companies, to supply lending merchandise, together with mortgages, private loans and bank cards. It would additionally allow Revolut to get a stickier userbase, which might profit from insurance coverage on deposits of up to £85,000.

This might change into a doubtlessly profitable line of enterprise for the agency, letting it earn curiosity revenue — at a time when rates of interest are at multi-year highs.

Since making use of in 2021, Revolut has been in negotiations with the Bank of England and the Financial Conduct Authority about getting licensed within the U.Okay. It has to this point confronted pushback amid points surrounding inner working tradition, accounting points, and sophisticated share constructions.

Revolut was late to file its accounts earlier this yr, which uncovered the corporate to criticisms over whether or not it’s prepared to change into a totally licensed financial institution. For its half, Revolut says it has been working to enhance its inner controls.

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