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Revolut loses information security boss after two months on the job

Revolut chief information security officer has left less than two months after joining the digital bank.

Dinis Cruz will leave the bank this month, after joining the London-based fintech last month.

A company spokesman said: “We can confirm that Dinis Cruz will be leaving Revolut in November by mutual consent and we are currently in the process of recruiting for the position”

Cruz replaced the firm’s previous chief information security officer Paul Heffernan, who lasted a year in the role.

 

Toxic work atmosphere

Revolut has amassed 7 million customers since its launch in 2015, but has faced questions this year from regulators over its money-laundering controls, and taken potshots from former employees about a toxic work atmosphere as it drives to sign up new customers.

A study of the start and end dates of 147 former Revolut employees on LinkedIn found over 80 per cent had lasted less than a year, and over half stayed at the company for less than six months, according to a feature in tech magazine Wired in February.

The bank founded by former Credit Suisse trader Nik Storonsky (pictured, right) and former Deutsche Bank systems engineer Vlad Yatsenko (pictured, left), has tried to beef up its governance by bringing a number of senior hires.

It has lined up former Goldman Sachs Europe boss Michael Sherwood to join its board, while former co-chief executive Standard Life Aberdeen Martin Gilbert will become its chairman.

 

Foreign expansion

Revolut, which employs 1,500 staff, competes against digital rivals Monzo and Starling Bank in the UK, and launched in Singapore last month and the US earlier this year.

The app-only bank posted pre-tax losses of £33m in 2018, up from £15m the previous year, while sales jumped to £58m from £13m over the same period.

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Roger Baird

Roger Baird is News Editor at Finixio. He has worked as a financial journalist for 20 years reporting on companies, capital markets and the UK economy.