Revolut CFO resigns as it plans to become a licensed bank in multiple jurisdictions

The mobile banking app has been down for a number of hours.

Users have found mobile banking app Revolut extremely handy since it quickly rose to popularity, as it made the process of transferring money significantly more convenient. Revolut cards can also be used at ATM machines around the world, and they also provide the ability to purchase things via contactless payment. But recent reports have suggested that Revolut may have allowed thousands of illegal transactions to pass through the app over the course of three months. Earlier in the week, the company, which is said to be valued at $1.7 billion, confirmed that former CFO Peter O’Higgins had resigned and left the business. According to a report in The Telegraph, Revolut insisted last night that Mr O’Higgins’ resignation was unconnected, with concerns raised over compliance.

Details of his departure from the company emerged one day after The Telegraph reported that Revolut’s board had launched an internal investigation last year into a "failing" in the online bank’s sanction screening system. Revolut have since clarified "that there never was any lapse in our anti-money laundering controls or our sanction screening process", and The Telegraph issued a correction to say as much.

On Friday morning, a number of users took to social media to complain that they had been unable to add any funds to their account, with others claiming their account had been "frozen". https://twitter.com/MiiaPaavola/status/1101405797328830464 https://twitter.com/AarRogan/status/1101432877710016513 https://twitter.com/sneezeonthebeat/status/1101427242083725313 https://twitter.com/Lord_zakharov/status/1101411356778156032 The company's official Twitter account posted that they were dealing with some "technical issues", and that their engineers were working to fix the issue. https://twitter.com/RevolutApp/status/1101429124608991232