Revolut hires TSB veteran as operations head
The London-based digital bank has hired Richard Davies as it comes under pressure to strengthen its financial controls amid rapid growth.
Davies (pictured) leaves his position as TSB's commercial banking director after just 18 months, and started at the London-based app-only bank this week, according to his LinkedIn page.
Revolut, which has a Lithuanian banking license, is one of the biggest names among European fintechs. Since its launch in 2015, the startup has attracted five million customers and raised more than $336m in funding, boasting a valuation of $1.7bn.
However, the bank founded by former Credit Suisse trader Nik Storonsky, and former Deutsche Bank systems engineer Vlad Yatsenko, has come under criticism that its rapid growth has led to lax controls.
This year it has faced questions from regulators over its money-laundering controls, recorded the highest number of customer complaints to the Financial Ombudsman Service for a digital bank, and taken pot shots from former employees about a toxic work atmosphere as its drives for growth.