This comes just a month after the Revolut’s CFO David MacLean stepped down (among others).
Now its Stefan Wille, deputy chief financial officer at Revolut, and Anna Borzenko, interim head of finance, who decided to leave their positions.
Stefan Wille had spent a year at Credit Suisse and two years at German challenger bank N26, whilst Borzenko had spent half a year at ClearBank after an eight-year-long career at Canda’s RBC.
Both Wille and Borzenko joined the challenger unicorn in the summer of last year. According to this, Revolut spokeswoman said Borzenko was a short-term contractor who had completed her contract.
Last month the former CFO MacLean cited “personal reasons” for ending his tenure just six months into the role. He has been replaced by former CFO of Standard Life Aberdeen (SLA) Bill Rattray. See more about this in the link below.
On 2 April, Financial News reported that André Mohamed, head of wealth and trading at Revolut since November 2018, is also set to leave the company.
Revolut was aiming for profitability by the end of the year. This has not changed despite the pressure on revenues caused by the coronavirus pandemic, according to some familiar with the matter.
The revenues of Revolut more than quadrupled in the 12 months to 31 December 2018, rising 455% to £58.2m, but the start-up nevertheless saw losses rise to £32.9m in 2018, up 222% on the previous year.
As every challenger, Revolut battles to survive throughout coronavirus. It’s staff have been offered a scheme that lets them swap their salary for shares in Revolut. Staff can swap £1 of their salary for every £2 of share options in the company.
So far, no staff has been furloughed at the bank.