John McFarlane, the former chairman of Barclays and Aviva, has taken on an advisory role with Revolut as the UK-based fintech company pursues its international expansion, including growth in Australia. McFarlane, 79, is providing part-time guidance to Revolut’s business in the Australian market, where the company has attracted around one million customers since its entry in 2020. This collaboration highlights Revolut’s broader strategy to become a global banking presence under the leadership of CEO Nik Storonsky.
Revolut, founded in 2015 by Storonsky and Vlad Yatsenko, has evolved into one of the UK’s most valuable fintech firms, with a diversified portfolio spanning payments and cryptocurrency trading. The company recently received regulatory approval to operate as a bank in the UK, a development expected to accelerate its growth and support plans for a significant stock market listing, potentially in the United States. The fintech was valued at $75 billion during a share sale last year and currently serves roughly 75 million customers worldwide.
McFarlane, a Scottish-born banker with a substantial career in both the UK and Australia, brings extensive experience to his advisory role. He rose through the ranks at Citi, managing the bank’s UK and Ireland operations before assuming the leadership of Australia and New Zealand Banking Group (ANZ), where he earned the nickname “Mack the Knife” due to his decisive cost-cutting measures. McFarlane also served on the board of the Royal Bank of Scotland during the financial crisis and played a key role in executive changes at Aviva and Barclays, overseeing the departures of CEOs Andrew Moss and Antony Jenkins, respectively.
Representatives for Revolut described McFarlane’s involvement as part of a broader approach that engages seasoned industry experts on an as-needed basis to support its global operations. The fintech’s partnership with McFarlane underscores its ambition to leverage high-profile banking expertise in navigating complex international markets and regulatory environments as it moves towards becoming what Storonsky envisions as “the world’s first truly global bank.”