Revolut finance chief quits amid controversies

Revolut’s card and mobile phone app

Revolut’s card and mobile phone app

It comes as Revolut faces accusations that it broke banking rules after the lender switched off an automatic system which stops suspicious money transactions on its platform a year ago.

The newspaper added that it had seen documents suggesting that thousands of illegal transactions may have flowed through the bank's systems between last July and September following a decision to disable the system.

London-based fintech unicorn Revolut, which has had its fair share of controversies, has lost its chief financial officer on the back of money laundering allegations against the company.

"We are aware of the article but had not received the letter that was referred to in it". The more technologically advanced sanctions screening system was just one part of the overall enhancement project.

The Financial Conduct Authority (FCA) is seeking answers from Revolut, the UK's fastest growing digital bank, amid questions over its compliance procedures.

Storonsky continued: "Like any technology company, we always seek to improve our systems".

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"At no point during this time did we fail to meet our legal or regulatory requirements", Storonsky highlighted, "We conducted a thorough review of all transactions that were processed during this time, which confirmed that there were no breaches".

The Revolut app was unable to process card top ups and money transfers for at least four hours today while the challenger bank attempted to fix the problem.

"Having been at Revolut for nearly three years, I am immensely proud to have taken the company from £1 million revenue to £50 million revenue during this time", TechCrunch reported that he said in his statement, "However, as Revolut begins to scale globally and applies to become a bank in multiple jurisdictions, the time has come to pass the reigns over to someone who has global retail banking experience at this level".

Many users reported that they were unable to make withdrawals from the app's Vault feature which allow peoples to deposit savings into a virtual vault.

Revolut has raised about $340 million in venture capital funding from firms that include Index Ventures, Ribbit Capital, Balderton Capital and DST Global.

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