Alternative Bank Revolut Adds Banking Execs To Senior Team

Digital banking alternative Revolut is partnering with executives from Deutsche Bank, ClearBank and N26, Financial Times reported on Friday (Aug. 23). The banking startup was previously focused only on travel money and now is striving to become a more “global bank.”

A new treasurer, deputy chief financial officer and director of financial crime risk were named in a new round of senior executive appointments that have also included a new chief financial officer and chief operating officer.

Wolfgang Bardorf, former executive director at Goldman Sachs, will become Revolut’s new treasurer. He is currently the global head of liquidity models and methodologies at Deutsche Bank.

Since its launch in 2015, the company has attracted more than six million users and expanded into new areas such as stock trading and business accounts, the article said.

“This year, we’ve made some exceptional senior appointments to the company. As we continue to strengthen our existing governance and processes, we’ve hired some of the most talented professionals, with many years’ experience, delivering world-class business practices,” Nik Storonsky, Revolut chief executive, told FT.

Martin Gilbert was appointed chairman and ex-Goldman Sachs executive Michael Sherwood was named as a non-executive director.

The company was valued at $1.7 billion in its most recent fundraising last year, but is aiming to raise up to $500 million at a higher valuation before the end of 2019. Richard Davies, Revolut’s new chief operating officer, said last month that it would use the money to speed up customer growth and support its capital position as it aims to secure new banking licenses in several markets.

But Revolut is aiming to make changes – including adding a customer service phone number – as it seeks to become more than a challenger bank, which will require increased funding from investors. The bank has amassed 4.7 million customers in under four years in operations, with 12,000 new account sign-ups daily. While it ended 2018 on a strong note, the company has been marred by scandals this year, which could hurt its ambitions and are prompting changes.