Revolut UK regulatory and risk chiefs quit as fintech giant awaits decision on UK banking licence

In total, five Revolut executives are leaving the neobank giant, including its UK head of compliance, Justine Wootton and UK chief risk officer Victoria Stubbs.

Image source: Vlad Yatsenko & Nik Storonsky/Revolut.

Revolut has been hit by the exit of several key executives, including its UK regulatory and risk chiefs, amid troubled relations with the UK regulator as the neobank looks to speed up a decision on its UK banking licence.

In total, five Revolut executives are leaving the $33 billion neobank, including UK chief risk officer Victoria Stubbs; UK Head of Regulatory Compliance, Justine Wootton; and the UK’s Money Laundering Reporting Officer, Mathew Seneviratne.

Revolut’s UK data protection officer and UK deputy money laundering investigator have also resigned.

Earlier this month, senior Revolut CEO Deirdre Halligan left the fintech after two years at the company.

The departures come as Revolut, which is currently regulated as an electronic money institution, seeks to be authorized with a UK banking license as well as gain full approval to offer crypto services in the UK.

Revolut, which applied for a UK banking license in January 2021, sees getting a UK banking license as a key step in its plan to become a global super app.

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

“We applied for 48 licenses worldwide and we received 44, and three of the licenses we haven’t received are actually in the UK,” Storonsky said.

He asked for “tighter timelines”, more people or “more efficient people” to speed up the process.

It has also been reported that in February, 38-year-old Storonsky buttonholed then British Chancellor Rishi Sunak at a London event.

Neobanken is also seeking to be fully approved for its crypto services by the FCA, which is tasked with overseeing how digital asset firms fight money laundering, as it is currently only on a temporary register.

Some industry experts have privately expressed irritation at the FCA’s handling of the crypto registry.

High levels of executive turnover are not uncommon in fintech.

A Revolut spokesperson said: “Over the past few months these individuals have decided to move on from Revolut.
“It is not unusual in highly entrepreneurial companies that people join in growth phases and some decide to move on when their time is right.

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