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Revolut beefs up top team with banking execs

Hannah Boland
Revolut's chief executive is Nikolay Storonsky - Revolut

Revolut has added three more banking veterans to its senior executive team as part of efforts to shore up its governance following a series of recent controversies. 

Revolut said Wolfgang Bardorf, currently at Deutsche Bank, would join as its treasurer, and the former senior vice president of finance at German digital bank N26 Stefan Wille would become its new deputy financial officer.

It also hired Philip Doyle, who dealt with fraud cases at both ClearBank and Visa, as its new director of financial crime risk. 

Revolut said the latest hires came as part of its continued efforts to "strengthen [its] existing governance and process". 

The company has recently announced a host of high-profile additions to its team. Martin Gilbert, former vice chairman of Standard Life Aberdeen, joined as chairman and ex-Goldman Sachs vice chairman Michael Sherwood as a non-executive director. 

Revolut has been taking steps to hire people who have experience in the banking sector, after having earlier this year faced questions over its compliance functions.

An investigation by The Telegraph revealed the business had failed to block thousands of potentially suspicious transactions on its service.

The company had later said that a test of new sanctions screening technology had been temporarily disabled but that all transactions had been checked as the original compliance system had been running at all times. 

Revolut has boomed in popularity in recent years and now has six million customers across Europe. Since it was founded in 2015, it has evolved from a company focused on travel money to a licenced bank. 

Revolut was last valued at $1.7bn, after having raised cash last year, but it is expected to raise another $500m at some point this year.

One of its investors, Simon Cook from Draper Esprit, told The Telegraphearlier this year that its valuation could jump to as much as $10bn in the next few years.