Revolut Appoints New UK CEO amid Licensing Delays


The acquisition of a banking license in the UK could open up new revenue streams for Revolut, allowing the company to generate interest income at a time when interest rates are at multi-year highs. 

European fintech giant Revolut has announced the appointment of former Barclays executive Francesca Carlesi as its new UK CEO, signaling a significant move in the company’s ongoing efforts to bolster its local operations via its licensing pursuit.

According to reports, Carlesi, who brings with her a wealth of experience from her roles at Deutsche Bank AG (ETR: DBK) and as the CEO of digital mortgage lender Molo Finance, will take the helm of Revolut’s UK division, which, once granted a banking license, will oversee the Revolut banking arm.

Revolut and the Banking Licensing Ambition

The appointment comes at a crucial juncture for Revolut as it eagerly awaits the coveted British banking license. Revolut has been vying for the UK banking license since its application in 2021.

However, the process has been marked by delays and challenges, with negotiations ongoing between the company and regulatory bodies, including the Bank of England (BoE) and the Financial Conduct Authority (FCA)

The hurdles have included issues related to the firm’s internal working culture, accounting practices, and complex share structures. A notable source of concern has been Revolut’s late filing of its accounts earlier this year. This oversight drew criticism and raised concerns about the company’s readiness to become a fully licensed bank. Revolut has responded by emphasizing its commitment to strengthening internal controls and addressing these issues.

While Revolut’s spokesperson declined to comment on the current status of the banking license application, they asserted that Francesca Carlesi’s appointment was not directly tied to the application process.

Benefits of a Banking License to Revolut

The acquisition of a banking license in the UK could open up new revenue streams for Revolut, allowing the company to generate interest income at a time when interest rates are at multi-year highs.

This regulatory milestone would grant the company the ability to offer a broader array of financial services, including lending products such as mortgages, personal loans, and credit cards. Moreover, it would also enable Revolut to enhance its value proposition by providing insurance on deposits of up to £85,000.

As one of the prominent fintech firms featured in CNBC and Statista’s list of the top 200 global fintech companies, Revolut is poised to make a substantial impact on the financial services landscape once it secures its coveted banking license.

Revolut currently has nearly eight million customers in the United Kingdom. With Francesca Carlesi at the helm of Revolut’s UK operation, the company is primed for an exciting chapter as it continues to expand its offerings and solidify its presence in the competitive world of fintech.

For now, the fintech community eagerly awaits the outcome of the Revolut licensing application, which could shape the future of banking and financial services in the United Kingdom.



Business News, FinTech News, News

Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.





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