Revolut, the European fintech company, has appointed Francesca Carlesi, a former Barclays executive with extensive experience in financial services, as its new U.K. CEO. Carlesi’s most recent role was as the CEO of digital mortgage lender Molo Finance.
While Revolut is actively seeking a British banking license, the company clarified that Carlesi’s appointment is not directly linked to this process. In her role, Carlesi will oversee Revolut’s U.K. operation, which is expected to manage the Revolut banking division once the banking license is secured. Revolut is currently enhancing its local operations as it awaits the approval of the coveted British banking license.
Obtaining a banking license would enable Revolut to offer lending products, including mortgages, personal loans, and credit cards. It would also allow Revolut to provide insurance on deposits up to £85,000, potentially creating a profitable line of business for the company, particularly in a climate of higher interest rates.
Revolut applied for the banking license in 2021 and has been engaged in discussions with the Bank of England and the Financial Conduct Authority. The process has faced obstacles related to internal working culture, accounting issues, and complex share structures. Revolut’s late filing of accounts earlier in the year raised questions about its readiness to become a fully licensed bank, but the company has been working to improve its internal controls in response to these concerns.