Revolut adds former Lord Mayor and KPMG veteran to UK board ahead of bank launch

Revolut, the fintech giant, has appointed Fiona Fry and Peter Estlin, both veterans of the financial industry, to its UK board as it gears up to fully launch as a bank in its home market.

The London-based banking firm is currently in the mobilisation phase for its UK bank, having secured a provisional banking licence from regulators in July, as reported by City AM.

Fry, who has over 40 years of experience in professional services, was a partner at KPMG for more than two decades, specialising in governance and culture in retail banking. She left KPMG in 2021 and has been advising Revolut’s holding company's board since November last year.

Her other directorships include roles at Aviva and AJ Bell. Estlin, who served as Lord Mayor of the City of London from 2018 to 2019, currently chairs Vanquis Banking Group and holds a directorship at Rothschild & Co.

He has held senior positions at US investment bank Salomon Brothers, now part of Citigroup, and Barclays, including a brief stint as its acting chief financial officer in 2013.

"Building a Board of experienced financial services talent to serve as independent non-executive directors is an important step as we seek a full banking licence to better serve the growing UK customer base," remarked Richard Holmes, Revolut UK's chair.

Revolut, established in 2015, has spent upwards of three years in pursuit of a UK banking licence amidst critiques of its corporate culture, audit snags, and delayed accounts submission. Obtaining full authorisation would empower Revolut to extend credit cards and mortgages to its over 10 million British customers, intensifying competition with the nation's principal retail banks.

Originally starting as a platform for digital payments and international money transfers, Revolut now boasts over 50 million users globally and offers a broad spectrum of financial services including personal accounts, business banking, investment opportunities, and even an eSIM plan.

The firm solidified its position as Europe's top-valued fintech start-up after a $45 billion valuation was achieved during an August employee share sale, positioning it as the UK's second-most valuable bank trailing only HSBC.