Richard Davies, the banking veteran introduced in to guide Revolut’s efforts to “grow up” after a wave of criticism, is leaving the corporate to run a brand new banking start-up.Mr Davies will take cost of enterprise lending specialist Allica Bank late subsequent month, topic to regulatory approval.“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 mentioned.Mr Davies joined Revolut a 12 months in the past with a mission to strengthen the digital banking group’s governance and assist it transfer it on from a sequence of controversies round compliance and an aggressive inside tradition.Extra from the Monetary TimesCritics have beforehand pointed to excessive govt turnover as an indication of issues throughout the firm, however Mr Davies mentioned he was leaving on good phrases.“It was a difficult decision . . . and I wouldn’t want to transition if we hadn’t already made massive progress,” he mentioned.Revolut mentioned Mr Davies will proceed to function an adviser to its European enterprise, and can stay a non-executive director of its worldwide holding firm.In February, Revolut grew to become Europe’s joint-most invaluable fintech after a $500m funding spherical. Final week it raised an additional $80m on the similar $5.5bn valuation, regardless of the numerous income hit attributable to the pandemic.Allica, which is managed by UK funding group Warwick Capital Companions, obtained its full banking licence final September and opened its first financial savings accounts earlier this 12 months. It’s the newest in a string of recent banks which have obtained licences because the monetary disaster, however its predecessors have struggled to interrupt the dominance of the most important excessive road lenders. Final week the Bank of England warned that “many of these new banks have underestimated the development required to become a successful and established bank”.Mr Davies mentioned the enterprise lending market had been additional broken by the coronavirus disaster, creating a chance for Allica. “There is a disruption to the market that needs solving urgently,” Mr Davies mentioned. “There’s great demand from good businesses that aren’t as impacted by coronavirus . . . [and] there is no one really that’s trying to provide a solution.”Mr Davies beforehand held senior business banking roles at HSBC, TSB, and Barclays, and was the primary chief govt of OakNorth Bank. John Maltby, Allica chairman, mentioned: “As a respected leader and innovator of business banking and fintech, Richard’s appointment is testament to Allica Bank’s progress.”<a href=”http://assist.ft.com/tools-services/copyright-policy/”>Copyright</a> © 2015 The Monetary Instances Restricted. Please do not minimize and paste FT.com articles and redistribute by e-mail or submit to the online.