Monday, March 4, 2024

FinTech behemoth Revolut names a new UK CEO amidst difficulties getting a banking license

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Francesca Carlesi, a former executive at Barclays, has been named as the new CEO of Revolut, a European FinTech company, effective Thursday.

Carlesi, who has fifteen years of experience in the financial services industry and was previously employed at Deutsche Bank, was most recently the CEO of Molo Finance, a digital mortgage lender.

Revolut’s spokesperson stated that the action had nothing to do with the company’s application for a banking license.

Carlesi would oversee the business’s U.K. operation, which would oversee the Revolut banking division after obtaining a banking license.

Revolut is currently strengthening its local operations while waiting a long time to receive the much-desired British banking license. This coincides with the appointment. A representative for the business declined to comment on the application’s status.

Revolut, the business listed in Statista’s ranking of the top 200 global FinTech companies, could provide lending products like credit cards, personal loans, and mortgages if it were granted a banking license. Revolut could attract a more loyal user base and profit from insurance on deposits up to £85,000.

In an era when interest rates are at multi-year highs, this could develop into a potentially profitable line of business for the company.

Revolut has been in talks to get a license in the United Kingdom with the Financial Conduct Authority and the Bank of England since applying in 2021. It has encountered resistance because of problems with internal work cultures, bookkeeping concerns, and intricate share arrangements.

Revolut faced criticism earlier this year when it failed to file its accounts on time, raising questions about whether the company was ready to get a full banking license. Revolut claims it has been attempting to enhance internal controls.

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