Revolut, UK’s leading fintech, has enhanced its board with two significant hires following its UK banking licence acquisition.
- Fiona Fry and Sir Peter Estlin, experienced finance professionals, join Revolut’s UK board.
- Fry brings over 40 years of experience in professional services, focusing on governance and culture at KPMG.
- Estlin, a former Lord Mayor of London, has held influential roles at Citigroup and Barclays.
- Revolut focuses on strong governance, risk management, and consumer protection, aiming for a full banking licence.
Revolut, renowned as the UK’s largest fintech firm, has recently expanded its board by appointing two distinguished figures in the banking sector. This strategic move follows its acquisition of a UK banking licence, demonstrating the company’s commitment to reinforcing its governance structure. With these appointments, Revolut aims to fortify its position in the banking industry and prepare for future challenges.
Fiona Fry, a veteran in the field of professional services, joins Revolut’s UK board. Her career spans over four decades, during which she has gained extensive experience in governance and served as a partner at KPMG focusing on governance and culture. Fry’s knowledge extends to consumer protection, having worked on the Financial Conduct Authority’s Financial Services Consumer Panel for two years. Her expertise is anticipated to be instrumental in enhancing Revolut’s governance and consumer-focused strategies.
Similarly, the appointment of Sir Peter Estlin adds significant value to Revolut’s leadership. A former Lord Mayor of the City of London, Estlin qualified as a chartered accountant in 1985 and achieved partnership at Coopers & Lybrand, now PwC. His past roles include influential positions at Citigroup and Barclays, where he oversaw financial operations as Group Financial Controller and CFO. His experience in high-profile financial management is expected to offer critical insights into Revolut’s transition into a fully-licensed bank.
Richard Holmes, Chairman of Revolut UK, emphasised the importance of building a board with seasoned professionals to serve as Independent Non-Executive Directors. This move comes as part of Revolut’s strategy to secure a full banking licence and better serve its expanding UK customer base.
Revolut’s strategic appointments are aligned with its recent efforts to tighten fraud controls and enhance its compliance and risk management frameworks through numerous new hires. Furthermore, the company is exploring the possibility of an Initial Public Offering (IPO), although co-founder Nik Storonsky has expressed reservations about listing in London, describing it as an ‘irrational’ move.
Having reached the milestone of 50 million customers, Revolut celebrated with a significant event in London, marking its continued growth and success in the fintech space. These strategic board appointments are expected to propel the company towards achieving its long-term objectives and strengthening its market position.
Revolut’s recent board expansions signal its dedication to solidifying governance and operational foundations as it pursues a full UK banking licence.
