8.6 C
New York
Saturday, April 17, 2021
Home Challanger banks Revolut nominates Richard Holmes to oversee its UK bank license application

Revolut nominates Richard Holmes to oversee its UK bank license application

Challenger bank Revolut applied for a UK banking license and ex-Standard Chartered chief Richard Holmes is supposed to aid the process.

Read also: Monument, digital bank for the rich, gets UK banking license

“His appointment is a vital step in Revolut’s mission to become a UK bank, with Holmes set to hire a fully functioning board for the new entity — including a full-time UK chief executive (CEO).” Sifted reported.

Revolut has had issues with the capability of its compliance systems to manage the 11m customers it now services. Now Revolut it has brought on a series of heavyweights to boost its corporate governance.

The company’s board already consists of Goldman Sach veteran Michael Sherwood and form senior RBS executive Ian Wilson as non-executive directors.

It has also appointed former co-chief executive of Standard Life Aberdeen Martin Gilbert as chairman last November.

More banking licenses will help Revolut to make its growth sustainable – something its investors will want it to achieve over the next few years.

A Revolut spokesperson declined to comment on the nomination but confirmed Holmes was now acting as an advisor to the company. Mr Holmes did not respond to a request for comment to Sifted.

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

How are transfer apps building trust with their users?

For a few years now, consumer attitude towards finance and banking has been changing. A rapid rise in digital consumption has resulted in more technology and innovation than ever before, with total fintech investment in Europe skyrocketing to $58.1bn in 2019.*

Monzo partnered with RAC to enhance its premium options

Monzo has reached a combined total of 135,000 customers for its two premium bank account options since their launch in 2020 and now it extends their benefits.

Revolut adds 11 new crypto tokens

Revolut announced this Thursday that 11 more crypto-tokens were added to the option for users to buy and sell.

Starling Bank and Funding Options join to support SME’s

Starling Bank and Funding Options decided to join forces and help SME's with their recovery in 2021.