Revolut loses banking veteran CEO after one year to upstart Allica Bank
Revolut has lost Richard Davies, its CEO of banking, who was brought in just one year ago.
Davies, who held senior commercial roles at HSBC, TSB and Barclays as well as becoming OakNorth Bank’s first CEO, is leaving Revolut to head Allica Bank.
Allica is a business-focused lender, and Davies is set to join it late next month, pending regulatory approval.
Departure from Revolut
Davies joined the UK-founded challenger at a time when it was trying to move on from previous compliance run-ins and accusations of aggressive culture.
Now a year later, Davies asserts that his departure is on good terms, amid the backdrop of a Revolut’s high executive turnover.
Last week, Revolut landed a further $80 million to add to its $500 million February Series D round.
In a LinkedIn post, Davies mentions the fintech’s funding as a highlight in his career over the last year. He also mentions its expansion in Ireland, the US, Australia and Singapore, as well as its rapid customer base growth.
“It was a difficult decision […] and I wouldn’t want to transition if we hadn’t made massive progress,” Davies tells the Financial Times.
He will continue to serve as an advisor for its European business. He will also remain a non-executive director of its international holding company.
New opportunity at Allica
Allica is controlled by UK investment group Warwick Capital Partners. It landed a full UK banking licence last September – unlike Revolut, which only has a Lithuanian banking licence.
Davies thinks there is an even bigger opportunity in the business lending market for Allica off the back of the coronavirus pandemic.
“There is a disruption in the market that needs solving urgently,” he says. “There’s great demand from good businesses that aren’t as impacted by coronavirus […] [and] there is no one really that’s trying to provide a solution.”