Francesca Carlesi Named as CEO of Revolut for the U.K division

Revolut, the fintech company headquartered in the U.K., has named a new CEO for its U.K. division, appointing Francesca Carlesi to lead the company’s operations in the U.K. It’s important to note that Revolut is still awaiting a banking license in the U.K. despite a prolonged engagement with British regulators. The company initiated the application process for a U.K. banking license in 2021.

Prior to joining Revolut, Carlesi held executive positions in banking at Barclays and Deutsche Bank. She also worked at McKinsey and Bridgepoint Capital. Notably, she co-founded and served as the head of Molo, a fintech startup focused on online mortgages, which employs real-time data validation to make instant credit decisions following applications.

Carlesi is scheduled to commence her role at Revolut in December, taking over from James Radford, who stepped down as the U.K. CEO of Revolut back in March. The eight-month gap in appointing a successor for this role indicates either a cautious approach or the complexity of the position. It’s noteworthy that this announcement comes shortly after Kitty Ussher, a former economic secretary to the Treasury and former MP, resigned from Revolut’s U.K. division board to join Barclays as a managing director in charge of strategic policy development.

Revolut boasts around 35 million customers, with significant growth in countries like Romania, Poland, and other Central and Eastern European nations. However, the U.K. remains Revolut’s largest market.

While Revolut continues to await its banking license in the U.K., it already possesses a banking license from the Bank of Lithuania, enabling it to function as a bank within the European Union. This license permits the issuance of local account numbers.

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