A former Goldman Sachs executive is joining FinTech Revolut’s board.
Michael Sherwood, who left his position as vice chairman of Goldman Sachs in late 2016 after more than three decades with the company, is joining Revolut as a non-executive director next week.
Sherwood is one of several high-profile people from the banking and financial services industry being added to the board. Standard Life Aberdeen Co-chief Executive Martin Gilbert became an adviser for the company in March. Richard Davies, who previously held senior roles at both TSB and HSBC, has been named its chief operating officer.
The company is also expected to name its chairman soon, and it is still searching for a new chief financial officer.
Last month, it was announced that Revolut is venturing beyond Europe and into Australia. However, the company won’t be providing Australian users with all of its services right away, nor will services be available for everyone. Instead, the company is doing a beta release, with plans to add more users daily. Currently, 20,000 people are on the waitlist in the country.
Some features, like crypto exchange, business accounts and metal payment cards, won’t be available in the beta version. Customers can perform basic functions, like opening accounts, sending and receiving money and getting regular cards. In Australia, users can exchange money with anyone in the U.K., and transfers are instant and free.
It was also revealed that the company received more than double the complaints from customers than rival Monzo between 2015 and 2018.
“Although it’s no surprise Revolut isn’t receiving the same number of complaints as bigger banks, it will no doubt want to improve on the current trend,” said Gareth Evans, co-director of the Financial Inclusion Centre, a consumer rights group. “As these shiny new FinTech firms become more prominent, it’s important to take note of any early warning signs.”