Revolut has hired a new UK chief executive as the former fintech darling awaits a decision on its two-year bid to obtain a banking licence in this country.
The troubled company has appointed Francesca Carlesi, a one-time Deutsche Bank director who is currently the chief executive of little-known digital mortgage lender Molo.
The troubled company has appointed Francesca Carlesi (pictured), a one-time Deutsche Bank director who is currently the chief executive of little-known digital mortgage lender Molo
She will start work in the job in December. Her predecessor James Radford left Revolut in March after three years with the company.
Carlesi’s appointment comes at a turbulent time for the firm, which is still awaiting a UK banking licence eight months after claiming it would get approval ‘any day now’.
Since those comments, the company has suffered a series of setbacks, including a storm over the veracity of its accounts and an exodus of senior executives.
Earlier this year auditor BDO said that it could not verify nearly two thirds of the firm’s revenues in 2021 as the company released results that were five months overdue.
The firm also suffered a setback in April when Schroders valued it at £14bn, a far cry from the £27bn price tag it boasted in its last funding round in 2021.
Revolut was rocked by another setback in September when it was forced to delay announcing licence went on, Revolut’s impatience appeared to boil over in May.
That was when boss and co-founder Nik Storonsky lamented the ‘long and tiring process’ and warned Britain was an undesirable place to do business.
The outburst prompted criticism from observers with one analyst warning that throwing a ‘tantrum’ would not help Revolut secure a banking licence, its annual results for a second year in a row.
Yesterday’s appointment of Carlesi could signal a fresh push from the firm to win authorisation after it cleared a key hurdle by simplifying its ownership structure in an agreement with investor Softbank.
Carlesi said: ‘Revolut is the future of digital banking. ‘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.’
A licence would mean the group would be able to expand its services in Britain into taking deposits and giving loans for its 8m customers.
Revolut was once hailed as a ‘shining’ success for British technology by Chancellor of the Exchequer Jeremy Hunt and Prime Minister Rishi Sunak.
But the debacle has been an embarrassment for City big-hitters who joined the company’s board, including fund management veteran Martin Gilbert, who is Revolut’s chairman.
He was appointed in 2019 to help boost its credentials. Michael Sherwood, a former top Goldman Sachs executive, is chairman of its remuneration committee.
But non-executive director Kitty Ussher, a former MP and economic secretary to the Treasury, this week stepped down from the fintech’s board. She has opted to take up a new role as the managing director at Barclays.
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