Revolut’s CFO Departs Digital Bank Due to Personal Reasons
Revolut, a UK-based digital banking company, announced that its Chief Financial Officer (CFO), Davide Serra, will be leaving the firm after two years. Serra cited personal reasons for his departure, which was deemed by the company’s executives to be amicable. The news comes as a surprise to the industry, as Serra was instrumental in the growth of the company during his tenure.
Revolut is one of the fastest-growing digital banking startups in the world, valued at over $33 billion in its latest funding round. With over 16 million users worldwide, the firm has been at the forefront of innovation in the financial services sector.
Serra, a former hedge fund manager at the $9 billion London-based Algebris Investments, brought a wealth of experience to Revolut when he joined in 2021. He was tasked with taking the company public and establishing strong financial controls, among other responsibilities.
Since joining the firm, Serra helped lead the company through a successful funding round in which it raised $800 million. This helped establish Revolut as one of the most valuable fintech startups in the world. Additionally, he oversaw the company’s preparation for its IPO, which was expected to take place later this year.
Despite Serra’s departure, Revolut’s executives remain confident in the company’s future prospects. Serra is set to remain as an advisor to the firm as it continues with its growth plans. Revolut’s CEO, Nikolay Storonsky, expressed his appreciation for Serra’s contributions, stating that “he has made an incredible impact on our business, and I wish him all the very best for his future endeavors.”
The announcement of Serra’s departure comes at a critical time for Revolut. The company has been expanding aggressively in recent years, opening new offices across the world and launching new products and services. In addition to its core banking offerings, Revolut has also launched a cryptocurrency exchange, a trading platform, and a range of other financial products.
Revolut’s CFO departure is not unprecedented in the fintech industry. Many startups face executive turnover as they expand and mature, and it is not uncommon for a CFO to leave a company prior to its IPO. However, it remains to be seen how this will impact the company’s plans for going public.
In conclusion, Revolut’s CFO, Davide Serra, is leaving after two years at the company. Serra stated that his departure was due to personal reasons, and it was an amicable one. Despite this, Revolut’s executives remain optimistic about the company’s prospects, and Serra will continue to serve as an advisor. With Revolut’s aggressive expansion plans and upcoming IPO, the industry will be watching closely to see how this departure impacts the company’s future.