Revolut, one of the biggest names in European fintech, has hired Richard Davies from TSB as new Chief Operating Officer. Revolut has suffered a series of recent setbacks including questions over its money laundering controls and complaints from former employees about a toxic work culture. Davies is a financial services veteran and seems poised to help the company recover.
Since its launch in 2015, Revolut has attracted five million customers and raised more than $336m in funding, boasting a valuation of $1.7 billion. Recently, the company has come under increasing criticism that its rapid growth has led to lax controls. The company's CFO, Peter O'Higgins, resigned earlier this year after a after a Daily Telegraph report revealed that Revolut switched off an anti-money laundering system that flags suspect transactions because it was prone to throwing out false positives. A replacement for O'Higgins has not yet been named.
Richard Davies joins Revolut from TSB where he was commercial banking director for just 18 months. TSB's new CEO, Debbie Crosbie, has been overhauling management in recent weeks. Before TSB, Davies was Davies has worked in senior positions at HSBC and Barclays and also spent nine months as chief executive of profitable small business challenger bank OakNorth, leaving in 2014.
Check out Revolut's updated org chart here.
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