Revolut has appointed former Goldman Sachs boss Michael Sherwood to its board.

The London-based digital bank recently announced a £387m fundraise, which made it the UK’s most valuable FinTech and took its valuation to £4.3 billion.

It has also made the former co-CEO of Goldman Sachs International a non-executive director.

Ian Wilson, a former figure at RBS, Santander and Monzo, has also joined as a NED.

The other board members are ex-Deloitte partner Caroline Britton, former Silicon Valley Bank COO Bruce Wallace and chairman Martin Gilbert, the former co-CEO of Standard Life Aberdeen.

“As we continue to grow our offer and expand into new territories, having Michael and Ian’s vast experience and knowledge will be invaluable,” Revolut co-founder and CEO Nikolay Storonsky said.

“Both are major assets to Revolut and our customers as we work to become the world’s first truly global bank.”

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UK TECH APPOINTMENTS IN 2020

Despite Revolut’s plans to expand into Japan, Russia, the US, South America and Asia in the next year and to grow its already thousands-strong headcount over its 23 offices, it is yet to turn consistent profit.

In 2017 the firm reported a £15m loss which grew to £33m in 2018.

Currensea co-founder James Lynn said the profitability of digital-only banks would present a challenge for as long as customers maintained a second traditional account to hold their income and savings.