Michael Sherwood joins Revolut board
Appointment of former European co-head of Goldman Sachs follows fundraising that valued the fintech at $5.5bn
Michael Sherwood, the former European co-head of Goldman Sachs, has joined the board of Revolut, a week after it completed one of the continent’s largest fintech fundraisings.
The five-year-old company also appointed veteran retail banker and risk specialist Ian Wilson to its board, as it ramps up efforts to transform from a provider of pre-paid cards for overseas travel into an international bank.
Mr Sherwood’s appointment as a non-executive director was widely expected, and was initially set to be announced as early as last July — part of efforts by Revolut to improve corporate governance after mis-steps. Revolut declined to comment on why his arrival was delayed.
Once considered a potential successor to ex-Goldman chief executive Lloyd Blankfein, Mr Sherwood quit the investment bank in 2016 to focus on personal investments and philanthropy.
Mr Wilson worked in risk roles at banks including Royal Bank of Scotland and Abbey National, before setting up a risk management consultancy. He has advised Revolut in the past, and was chief risk officer at fellow digital challenger bank Monzo when it secured its banking licence.
Over the past year Revolut, which once prided itself on being staffed mainly by technology specialists, has attempted to drastically increase the amount of financial services experience among its top ranks. Thursday’s hires follow the appointment of City veteran Martin Gilbert as its first chairman, and two more non-executives last year.
It has also poached executives including a new chief financial officer, deputy CFO, director of financial crime risk, and “chief executive of banking” from other banks.
The company received a European banking licence in late 2018, but only recently began transferring customers to the banking entity in Lithuania. It said last week that rolling out banking operations across central and eastern Europe would be a key priority after it confirmed a long-awaited $500m investment that valued it at $5.5bn.
Revolut operates in the UK using an e-money licence, which means customer deposits are held by a third-party bank and not protected by deposit insurance schemes. It has said it will eventually apply for a full banking licence in the UK.
Nik Storonsky, Revolut chief executive, said: “As we continue to grow our offer and expand into new territories, having Michael and Ian’s vast experience and knowledge will be invaluable. Both are major assets to Revolut and our customers as we work to become the world’s first truly global bank.”