A former senior Goldman Sachs executive has joined the board of fintech giant Revolut, as it seeks to bolster its board in the wake of a significant investment.
Michael Sherwood, the former co-chief executive of Goldman Sachs International, has today been appointed Revolut’s board as a non-executive director. Sherwood is joined by fellow new non-executive director Ian Wilson, who has held roles at RBS, Santander and Monzo.
The duo are accompanied on Revolut’s board by a group of City heavyweights, including ex-Deloitte partner Caroline Britton and former Silicon Valley Bank operations chief Bruce Wallace. Martin Gilbert, the former co-chief executive of Standard Life Aberdeen, joined Revolut this year as its first non-executive chairman.
The move follows the close of a $500m (£387m) investment in Revolut last week. The scaleup has embarked on a turnaround plan to improve its image, after a spate of negative reports about the company’s workplace culture and anti-fraud practices.
“As we continue to grow our offer and expand into new territories, having Michael and Ian’s vast experience and knowledge will be invaluable,” said Revolut co-founder and chief executive Nikolay Storonsky.
“Both are major assets to Revolut and our customers as we work to become the world’s first truly global bank.”
Revolut said last week it increased customer growth by 169 per cent in 2019, while the number of daily active users rose 380 per cent. Its most recent financial accounts showed revenue growth of 354 per cent to £58.2m in 2018, and an operating loss of £32.8m.
The company has undertaken a number of costly expansion endeavours as it seeks to gain a competitive edge on rivals Monzo and Starling Bank, launching in the US late last year. Revolut said it will use the fresh capital to fuel that expansion, with a particular focus on encouraging daily use of its personal and business banking accounts as it targets profitability.
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