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Revolut , the fintech giant based in the U.K. , has appointed a new chief operating officer for its U.K. division . Francesca Carlesi will be in complaint of Revolut ’s division in its home res publica — Nik Storonsky remains the chief executive officer of Revolut Ltd.
It ’s deserving noting that today ’s news do as Revolut still does n’t have a banking license in the U.K. after years of back and forth with British regulators . The company practice for a U.K. banking licenseback in 2021 .
harmonise to Companies House , Carlesi is the new primary administrator of Revolut NewCo UK . This is the same entity that has applied for a U.K. banking license .
Before joining Revolut , Carlesi was a banking executive at Barclays and Deutsche Bank . She worked for McKinsey and Bridgepoint Capital as well . She also co - founded and headedMolo , a fintech startup focused on on-line mortgages . In particular , Molo uses actual - time data point validation to make credit decision instantaneously after you use .
Carlesi will start at Revolut in December and replace James Radford . Interestingly , Radford stepped down from his role as U.K. CEO of Revolut back in March .
It took Revolut eight months to find a renewal for this function , indicating that Revolut is either prompt carefully or that it ’s a difficult positioning . Today ’s tidings also comes a few days after Kitty Ussher , former economic secretary to the Treasury and a former MP , resignedfrom the board of Revolut ’s U.K. division .
Ussher is joining Barclays as a managing manager in charge of strategical policy maturation . “ manifestly my new role means I must also , with adequate unhappiness , step down from my purpose as a non - executive theater director on the UK subsidiary board of Revolut at the last of this calendar month . I have fuck being on that rocket ship for the last four plus years , have function with incredibly talented people and have no doubt that the organisation has a very exciting futurity , ” Ussherwroteearlier this week on LinkedIn .
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Growing pressure
“ With virtually eight million customers in the U.K. and a diversified product offering , [ Revolut ] is at the forefront of change in fiscal Service . There are so many growth chance and I could n’t be more excited to be leading the way for the U.K. , ” Carlesi pronounce in a statement .
Revolut currently has 35 million customer , with Romania , Poland and other country in Central and Eastern Europegrowing at a speedy pace . But the U.K. remains Revolut ’s biggest market .
While Revolut still expect for its banking license in the U.K. , the story is a moment unlike in Europe as Revolut prevail a banking license from the Bank of Lithuania several years ago . It is officially a bank that offer local report numbers thanks topassporting rulesacross the European Union .
A banking license is essential in ordering to offer novel products and reassure customer about Revolut ’s home process and its ability to manage risk .
For example , Revolut offerspersonal loans in Francebut not in the U.K. likewise , Revolut offerscredit cards in Irelandbut not in the U.K.
Even more crucial than Revolut ’s next product lineup , the fact that the company has been struggling to incur its permission is slowly becominga concernfor the company ’s existing and succeeding customers .
At the same time , with 8 million customers , the Bank of England is well aware that Revolut is a sensitive subject . It can be difficult to revoke a banking licence once it ’s been granted . In other Word , there ’s grow pressure on both side .
