Revolut seeks UK Chairperson to score banking licence

By Aisling Finn on Tuesday 28 April 2020

Digital Banking

The hunt for a UK Chairperson is another big step towards obtaining that ever-elusive UK banking licence.

Revolut seeks UK Chairperson to score banking licence
Image source: Vlad Yatsenko and Nikolay Storonsky/Revolut

Revolut is seeking a new senior director to “help [it] obtain a banking license” according to a job listing on its careers page. 

The firm is looking for a “Chairperson to lead the board of Revolut’s subsidiary in the UK.”

Other responsibilities include establishing strong board governance, oversee its risk & compliance and audit committees and to oversee the appointment of other new directors.

This role would be separate from Sir Martin Gilbert, who chairs the digital banking startup at a group level.

Revolut is looking for a candidate with experience not only on a company’s board but specifically in a challenger or startup fintech, as well as a “strong relationship with senior regulators.”

Early last month, it was reported that the digital banking service was preparing its application for a banking licence, having operated in the UK for five years without one. 

Revolut is still not technically a bank in the UK, rather it is an e-money institution, this means that while it is regulated by the FCA money held in Revolut accounts are not protected by the FSCS.

The banking service does, however, hold a Lithuanian banking licence, which it obtained in December 2018, and is regulated by the Bank of Lithuania.

A couple of weeks ago it was also revealed that Revolut, while yet to furlough any staff, had given its executives a 25 per cent pay cut and co-founders Nikolay Storonsky and Vlad Yatsenko were forgoing a salary for the next year.

Revolut also announced plans for a share swap scheme that would see employees swap £1 of salary for £2 worth of shares as a money-saving technique amid the coronavirus pandemic.

A spokesperson for Revolut said: "Revolut has always said that our ambition is to become a global financial platform and we may consider an application in the future. Revolut has not at this stage applied for a UK Banking licence."

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