Fintech
Ex-Barclays Guy Is Key To Making Revolut Employees Rich
If Revolut succeeds in achieving its goals, it is likely Valuation of $40 billionmany Current and former staff they will be very rich. If it can reach a higher valuation than that, they will be even richer. Those ifs, however, are large. The financial technology has yet to obtain a banking licence in the UK (and not for lack of trying). Bloomberg estimates Lack of a license costs Revolut £100 million ($129.5 million) a year in potential lost revenue.
Revolut’s hopes of resolving its licensing situation in the UK rest on the activities of one man.
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Pierre Decote, Revolut’s head of risk and compliance, spent five years at BarclayCard before joining the app-based bank in November 2019. He was most recently director of strategic analysis at Barclays. He has also held senior roles at rival digital bank Tandem and student loan fintech Prodigy Finance, from where he joined Revolut.
Decote is also one of Revolut’s 23 brands partner. The fintech said that appointing this leadership contingent is a “highly selective process” in its 2023 annual report, and that “many potential candidates” did not make the cut. Only two partners were added in 2024. Another partner who was said to have played a key role in Revolut’s attempts to obtain a banking license also recently left: Group Head of Financial Crime and Fraud Aaron Elliot-Gross left for fintech payments Wise in February.
Decote said in its annual report that its compliance team increased its headcount by 29% in 2023, to 331 employees. It added that the team’s most effective product is “Karma,” a proprietary scheme that tracks employees’ adherence to compliance protocols, awarding them points for doing so.
According to a Confirmation Statement 2022 At Companies House, Decote has 7707 shares in RevolutAt a valuation of $40 billion, those shares would be worth £4 million.
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