Revolut adds City grandees to board ahead of global push

By Daniel Lanyon on Monday 11 March 2019

Digital Banking

The firm has had a testing start to 2019 amid ambitious global growth plans.

Banking challenger Revolut has appointed two financial industry grandees as directors and also announced that Martin Gilbert, co-chief executive of Standard Life Aberdeen is “working closely” with its CEO Nik Storonsky in an advisory role.

The firm is expecting to launch in a number of international markets in the coming months, including the United States, Australia and Singapore.

Gilbert, a City veteran who founded Aberdeen Asset Management in 1983 and grew it to be one of the largest players in emerging markets investing, is also a director of Glencore and Chairman of the PRA’s Practitioner Panel.

Bruce Wallace, former global chief operations officer at Silicon Valley Bank, has been appointed as a non-executive director and Chairman of Revolut’s Risk and Compliance Committee. Wallace led the product, operations and technology build-out of SVB’s global banking platform supporting their global expansion into new markets and new business lines.

Prior to joining SVB in 2008, Wallace spent over 20 years at Wells Fargo in the United States leading various business functions including Commercial Banking Operations, Retail Risk and Fraud Operations, Payment Services, and Treasury Management Operations.

Caroline Britton, who recently retired from her role as an Audit Partner at Deloitte after more than 30 years of service, joins the Board as its fourth non-executive director. Britton will be chair of Revolut’s Audit Committee.

Storonsky said: “The decision to make these appointments and executive hires was not made lightly and followed an extensive period of search for the right mix of technical and financial expertise. All board appointments were only made following a minimum six month period of engagement on an advisory basis to ensure that both the company and the board members were aligned on the impressive strategy and ambitious vision that everyone at Revolut has”.

Revolut, founded in London in 2015, has raised approximately $340m in venture capital and says it has over four million retail customers and 80,000 business customers across Europe.

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