Revolut appoints new UK CEO amid struggles to get banking license

Revolut appoints new UK CEO amid struggles to get banking license
Revolut office CEO


As we eagerly anticipate the weekend's arrival, I've compiled one last roundup of the most pivotal FinTech news to ensure you're fully in the know:

Revolut, announced on Thursday a strategic move, appointing Francesca Carlesi, a seasoned banking professional with a history at Barclays, as their new CEO for the UK operations. Carlesi, boasting a 15-year storied career in financial services, also includes Deutsche Bank in her impressive resume and was recently at the helm of Molo Finance, a digital mortgage lending entity.

Revolut emphasized that this high-profile recruitment is independent of their ongoing endeavors to secure a British banking license. Carlesi’s new role will see her steering Revolut’s UK branch and, pending the approval of their banking license, she will also take the reins of the company’s banking division.

This announcement lands at a pivotal time for Revolut, as they fortify their local UK presence while in the throes of an extensive process to acquire a much-desired British banking license. The company, however, has opted to remain tight-lipped about the current status of their application.

Securing a banking license is a game-changer for Revolut. This approval would pave the way for the firm to broaden their product offerings to include various lending options such as mortgages, personal loans, and credit cards. Furthermore, it positions Revolut to cultivate a more robust user base, promising them the assurance of deposit insurance up to £85,000.

In a climate where interest rates are soaring to multi-year peaks, this development could transform into a highly profitable venture for Revolut, as it positions itself to garner interest income.

The journey towards acquiring a banking license has seen Revolut in extended talks with the UK’s financial watchdogs, the Bank of England and the Financial Conduct Authority, since their application in 2021. The process has been far from smooth, with hurdles emerging around internal cultural practices, accounting discrepancies, and intricate shareholding structures.

Earlier this year, Revolut found itself under scrutiny as it delayed filing its accounts, raising questions about its readiness to transition into a fully licensed banking institution. In response, the company asserts that it is actively enhancing its internal control mechanisms, showcasing its commitment to adhering to the stringent standards expected of banking institutions.

In appointing Carlesi, Revolut is sending a clear signal of its dedication to fortifying its UK operations and navigating the path to banking licensure with seasoned leadership at the helm.

From my hometown Amsterdam there is news from our two Payment powerhouses: Adyen partners with Plaid to offer Pay-by-Bank services in North America, and Mollie lands a payment institution licence in the UK.

Thats it for this week. Enjoy your weekend and I'll be back in your inbox on Monday!




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