Francesca Carlesi, a seasoned finance professional with experience from Deutsche Bank (ETR:DBKGn), Barclays (LON:BARC), and Molo, has been announced as the new U.K. CEO of fintech firm Revolut. Set to take up her role in December, Carlesi will oversee Revolut's UK operations which serve nearly eight million customers. Her appointment comes at a critical time as the company continues its pursuit of a UK banking license lodged in 2021.
Carlesi's 15-year professional journey spans diverse areas such as private equity, retail and commercial banking, investment banking, and asset and wealth management. She has held significant positions at McKinsey & Co., and Bridgepoint Capital. Richard Holmes, Chairman of Revolut UK, emphasized her comprehensive experience across both banking and fintech sectors as crucial to driving their UK business forward.
Revolut has been seeking a UK banking license for two and a half years amid financial challenges. The company has received an extension from Companies House to file its annual results for the second year running. Obtaining this license would allow Revolut to offer loans, credit cards, and insurance on deposits of up to £85,000 - a significant opportunity in the current high-interest-rate environment.
However, the process has been fraught with hurdles due to concerns over Revolut's internal working culture, accounting irregularities, and complex share structures - issues that have drawn criticism following late account filings. Despite these obstacles, the company maintains its dedication to improving internal controls. As Carlesi takes the helm, her leadership will be pivotal in navigating these ongoing negotiations with regulatory bodies - the Bank of England and the Financial Conduct Authority - for this coveted banking license.
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