8.6 C
New York
Thursday, August 11, 2022
Home Uncategorized Revolut has been hit by high-profile resignations

Revolut has been hit by high-profile resignations

Revolut has been hit by multiple resignations from its UK risk and compliance chiefs.

Read also: Starling Bank reports first full year profit

This happened in recent weeks amid heightened tensions with regulators and delays to the firm’s banking license.

UK head of regulatory compliance Justine Wootton and UK money laundering reporting officer Mathew Seneviratne have all quit the financial super app, as have its UK data protection officer and UK deputy money laundering reporting officer.

Earlier this year, Revolut CEO and co-founder Nik Storonsky criticised the Financial Conduct Authority (FCA) for its tardiness in granting it a UK banking licence, telling CityAM that the FCA is “slower compared to other regulators”.

“We applied for 48 licences across the globe and we received 44, and three of the licences that we haven’t received are actually in the UK,” Storonsky said. He called for “stricter timelines”, more people or “more efficient people” to speed the process along.

Revolut, which provides a range of banking services along with stock trading and cryptocurrency exchange, currently operates in the UK with an electronic money licence.

This means Revolut can offer payment services but cannot manage customer funds or market itself as a bank.

Responding to the resignations, Revolut spokesperson said: “Over the last few months, these individuals have decided to move on from Revolut.

“It’s not uncommon in highly entrepreneurial companies that people join for phases of growth, and some decide to move on when the time is right for them.”

“We thank them for their hard work and dedication during their time at Revolut. We’re continuing with our mission to build a global financial super app.”

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

Recent posts

Revolut plans to increase its crypto headcount by 20%

Fintech company Revolut continues to expand its cryptocurrency services operations after recently getting approval to operate in Singapore.

Nubank hits 1 million crypto users in less than a month

Brazilian challenger bank Nubank has announced hitting one million cryptocurrency users in the country barely a month after launching the service.

Revolut has been hit by high-profile resignations

Revolut has been hit by multiple resignations from its UK risk and compliance chiefs.

Starling Bank reports first full year profit

Starling reported a pre-tax profit of £32.1 million for the financial year ending 31 March 2022.