Revolut, a leading British fintech, has announced significant board appointments following its UK banking licence approval.
- Sir Peter Estlin and Fiona Fry, both seasoned finance professionals, have joined Revolut’s UK board.
- The move is part of Revolut’s strategy to strengthen its governance and transition into a fully-licensed bank.
- Revolut has been focusing on enhancing its compliance and risk management functions.
- The company is valued at $45bn and is considering a future IPO, despite concerns about listing in London.
Revolut, the prominent British fintech company, has made strategic board enhancements by appointing Sir Peter Estlin and Fiona Fry. These appointments come shortly after Revolut secured a UK banking licence, marking a critical phase in its evolution into a fully-licensed bank.
Sir Peter Estlin brings a wealth of experience from his tenure as Lord Mayor of the City of London and various senior roles at major financial institutions, including Barclays and Salomon Brothers. Similarly, Fiona Fry’s extensive background with KPMG and her involvement with the Financial Conduct Authority offer significant expertise in governance and culture.
This strategic move aligns with Revolut’s ongoing efforts to fortify its compliance and risk management capabilities. The company has been keen on refining its fraud controls and updating its terms of service to allow more flexibility in managing customer accounts.
Revolut’s chairman, Richard Holmes, highlights the imperative of assembling a board with extensive financial services experience. He comments, “Building a Board of experienced financial services talent to serve as Independent Non-Executive Directors is an important step as we seek a full banking licence to better serve the growing UK customer base.”
Despite its current valuation of $45bn, Revolut is cautious about a potential public listing in London. Co-founder Nik Storonsky has expressed scepticism about the practicality of such a move, calling it “irrational.” Nevertheless, an initial public offering is being considered for the near future.
Recently, Revolut celebrated reaching 50 million customers, hosting an event in London with popstar Charli XCX. These milestones underscore the company’s growth trajectory and its ambitions in the financial technology landscape.
Revolut’s recent appointments signal its commitment to robust governance and strategic growth within the UK’s financial sector.
