Posted on March 5, 2020 by staff

Revolut appoints former Goldman Sachs boss


Revolut has appointed former Goldman Sachs boss Michael Sherwood to its board.

The London-based digital bank recently announced a £387m fundraise, which made it the UK’s most valuable FinTech and took its valuation to £4.3 billion.

It has also made the former co-CEO of Goldman Sachs International a non-executive director.

Ian Wilson, a former figure at RBS, Santander and Monzo, has also joined as a NED.

The other board members are ex-Deloitte partner Caroline Britton, former Silicon Valley Bank COO Bruce Wallace and chairman Martin Gilbert, the former co-CEO of Standard Life Aberdeen.

“As we continue to grow our offer and expand into new territories, having Michael and Ian’s vast experience and knowledge will be invaluable,” Revolut co-founder and CEO Nikolay Storonsky said.

“Both are major assets to Revolut and our customers as we work to become the world’s first truly global bank.”

Despite Revolut’s plans to expand into Japan, Russia, the US, South America and Asia in the next year and to grow its already thousands-strong headcount over its 23 offices, it is yet to turn consistent profit.

In 2017 the firm reported a £15m loss which grew to £33m in 2018.

Currensea co-founder James Lynn said the profitability of digital-only banks would present a challenge for as long as customers maintained a second traditional account to hold their income and savings.