Revolut: Fintech brings in former Deutsche Bank executive as new UK chief
Fintech Revolut has called in a former Deutsche Bank and Barclays executive as its new UK chief today as it pushes ahead with its hunt for a banking licence after a series of bruising setbacks this year.
Francesca Carlesi joins the firm from digital mortgage lender Molo to oversee Revolut’s UK business and spearhead its push for full authorisation from City regulators to operate as a bank in its home market.
Revolut applied for a banking licence in early 2021 but has faced a troubling two years in which it has been plagued by issues over its finances and faced an exodus of senior executives.
Former finance chief Mikko Salovaara told Morning Wire in February a licence was “imminent” but the firm has since been rocked by a media storm over the veracity of its accounts after auditor BDO said it could not verify nearly two thirds of the firm’s revenues.
Chief and founder Nik Storonsky has also fired a series of public barbs over the speed of movement and “extreme” bureaucracy of regulators in the UK, claiming the delays are “not really us.”
The appointment today could signal a fresh push from the firm to win authorisation this year after the firm cleared a key hurdle by simplifying its ownership structure earlier this month in an agreement with investor Softbank.
Starting in December, Revolut said Carlesi’s appointment is part of a bid to appoint a more “diverse” leadership group with experience from different sectors.
“There are so many growth opportunities and I couldn’t be more excited to be leading the way for the UK. We have big things planned, so watch this space,” Carlesi said in a statement.
Chairman of Revolut UK, Richard Holmes, welcomed the new chief executive, saying: “As we continue to build out our leadership team, her extensive experience across the banking and fintech sectors makes her the perfect CEO to drive our UK business forward.
“As a founder of her own fintech, and having spent many years across the banking industry, Francesca knows what it takes to challenge the banking incumbents, and I look forward to celebrating her successes here in the months to come.”
The incoming chief comes after 15 years experience spanning private equity, retail and commercial banking and consultancy, including with McKinsey & Co. and Bridgepoint Capital.
Carlesi joins just after Revolut requested a fresh extension to its latest accounts which were due in September.