Revolut Appoints Francesca Carlesi as New UK CEO Amid Pending Banking License Application

Former Barclays executive takes helm at fintech company as it faces regulatory scrutiny and battles for a UK banking license with its largest market of eight million customers.

• Revolut has appointed Francesca Carlesi as CEO of its UK division, in the midst of its ongoing battle to secure a UK banking license. She will now lead the entity within Revolut which has applied for the license.
• Carlesi's appointment comes after the departure of James Radford in March, taking Revolut eight months to fill the CEO position. This suggests cautious decision-making or the challenging nature of the role.
• Carlesi brings extensive experience in the field, having previously served as a banking executive at Barclays and Deutsche Bank, and co-founded Molo, an online mortgage-focused fintech startup.
• Revolut, despite having secured a banking license in Lithuania, still waits for approval in the UK. The license's importance is underscored by its potential to reassure customers of internal processes and risk management, and to introduce new products.
• Since its application in 2021, Revolut has faced regulatory pushback due to concerns about its internal working culture, complex share structures, and late filings of its accounts. The company, however, asserts its efforts to improve internal controls.

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