Mr Yatsenko serves as Revolut’s chief technology officer, while Mr Storonsky is chief executive of the firm.
As of March, Revolut says it reached 4.5 million customers – 1.6 million customers are located in the UK alone. Buy Revolut Business Verified Accounts & Documents.
Revolut is currently valued at $1.7bn (£1.3bn) from its most recent fundraising.
The three-year-old firm’s growth has been impressive – its customer numbers trebled to 1.2 million in 2017, while revenues increased five fold to £12.8m.
In September, Revolut said 7,000 new accounts were being opened a day, and that it was processing $3bn in transactions a month.
Why has Revolut been in the headlines so much?
In February, Revolut launched an advertising campaign featuring an ad that highlighted the number of people who ordered a takeaway meal for one on Valentine’s Day in 2018.
The ad, which asked, “You ok, hun?”, sparked a backlash on Twitter. Revolut was accused of “shaming” single people and being both “intrusive” and “tone-deaf”.
It then turned out that the ad – which said 12,750 people ordered a single takeaway meal on Valentine’s Day – was using fictitious figures.
Several people complained to the Advertising Standards Authority (ASA) about the advert, but since it was outside the ASA’s scope, it referred the matter to the FCA.
In February, the Telegraph said that in the summer of 2018, Revolut disabled a system designed to automatically halt transactions to individuals who matched against sanctions lists. Buy Revolut Business Verified Accounts & Documents.
Sanctions lists contain the names of individuals whose assets have been frozen and include those connected with chemical weapons violations as well as members of the Islamic State.
The company’s lawyers drafted a letter to the FCA about the change, but it was never sent.
This draft letter was later leaked to journalists.
In the letter, which the BBC has seen, Revolut lawyers stated that the company’s head of compliance technology changed systems so that transactions that potentially matched against sanctions lists were not halted.
Instead the system flagged the transaction for inspection but still allowed it to go through.
Revolut told the BBC that: “At no point did Revolut stop checking transactions for sanctions compliance last year. Nor was there any failure in our sanctions screening procedures.”
Why did Revolut’s chief financial officer resign?
On 28 February, it was reported that Revolut’s chief financial officer Peter O’Higgins was stepping down after spending three years with the company.
Mr Storonsky wrote in a blog post on 1 March that Mr O’Higgins had decided to step down because he felt that the business would “require someone with global retail banking experience” as Revolut applied to become a licensed bank in multiple jurisdictions.
Media reports at the time suggested that the timing of Mr O’Higgins’ resignation was to do with the allegations made against it, but the company stoutly denies it.
“Any suggestion that Peter’s resignation is in any way, shape or form connected to this roll-out is utterly false and damaging,” wrote Mr Storonsky in his blog.
“Peter has since expressed to me that he has been hurt by this suggestion and sad that his departure has been tainted in this way.”
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