Mr Davies will take charge of business lending specialist Allica Bank late next month, subject to regulatory approval.
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Banking veteran departs Revolut after one year
“In the aftermath of Covid, it’s such an important time for the UK small and medium-sized business market, and the chance to lead a newly licensed bank that can be part of the solution is a great opportunity,” Mr Davies said. “It was a difficult decision . . . and I wouldn’t want to transition if we hadn’t already made massive progress.” Revolut said Mr Davies will continue to serve as an adviser to its European business, and will remain a non-executive director of its international holding company.
