Richard Davies: A Visionary Leader in Banking and Fintech
In the fast-changing world of banking and fintech, few leaders have demonstrated the breadth of experience and influence of Richard Davies. Currently serving as the Chief Executive Officer of Allica Bank, Richard has built an impressive career spanning traditional banking giants, emerging challenger banks, and global fintech unicorns. His leadership journey, from consultancy and corporate banking to shaping the future of SME finance, highlights a rare combination of strategic vision, operational expertise, and passion for innovation.
This article explores Richard Davies’s career trajectory, his leadership at Allica Bank, his experience with high-growth companies such as OakNorth, Revolut, and WorldRemit, his time at major institutions including HSBC and TSB, and his educational background. It also touches on the distinction between Richard Davies, the banker, and Richard Davies, the economist, ensuring clarity about their respective contributions.
Early Career and Education
Academic Foundation at Cambridge
Richard Davies began his journey at the prestigious University of Cambridge, where he earned a BA in Economics, followed by an MPhil in Development Economics. Achieving a double first in his undergraduate studies and a distinction at postgraduate level, he built a strong academic foundation that would underpin his future roles in strategy and finance.
His years at Cambridge were not only defined by academics; he also actively participated in sports such as football, cricket, and tennis. This blend of intellectual rigour and teamwork skills would later shape his collaborative leadership style.
Early Consulting Experience
After completing his studies, Richard Davies joined L.E.K. Consulting as a Senior Associate Consultant. In this role, he gained vital experience in strategy development, delivering fact-based analysis to major industrial companies and private equity firms. These years in consultancy sharpened his ability to solve complex problems and design growth strategies—skills that would become invaluable throughout his career.
Building a Banking Career
Lloyds TSB
In 2004, Richard transitioned into the banking sector by joining Lloyds TSB as a Senior Manager in its UK Retail Banking strategy team. He contributed to distribution channel strategies, mortgage frameworks, and risk-based pricing approaches. His exposure to retail banking provided insights into how financial institutions serve individuals and small businesses at scale.
Barclays: Strategy and Leadership Roles
Richard Davies’s career accelerated at Barclays, where he spent more than seven years across multiple senior positions. Initially, he was Head of Strategy for Barclays Commercial, reporting directly to the COO and CEO of a division that generated £1.4 billion profit before tax. His responsibilities included designing growth plans and acting as Chief of Staff to the CEO.
He later became Head of Region for Barclays Corporate, covering SMEs and mid-corporates across South and West London and the Home Counties. By focusing on risk management, selective hiring, and improved asset quality, Richard turned around performance and delivered significant growth in liabilities and revenue.
By 2011, he was appointed Managing Director of Global Corporates. In this role, he expanded Barclays’ corporate banking footprint internationally, particularly in the US and Asia, and drove revenue growth from £380 million to around £600 million. His global COO responsibilities further highlighted his ability to manage large teams and deliver operational transformation.
OakNorth: Shaping a Challenger Bank
In 2013, Richard Davies was headhunted to lead the entry of OakNorth Bank into the UK market. As CEO, he was responsible for developing the business plan, hiring the executive team, and designing both the operating model and risk systems. His leadership was central to securing the bank’s licence and positioning OakNorth as a major challenger in SME lending.
OakNorth’s subsequent success in the fintech landscape can be traced back to these crucial formative years under Richard’s stewardship.
HSBC: Driving Digital Transformation
After OakNorth, Richard joined HSBC in 2014 as Chief Operating Officer for the UK Commercial Bank, where he managed a workforce of around 1,000 employees. His remit included lending products, business strategy, digital transformation, first-line risk management, and regulatory compliance.
By 2016, Richard had taken on the role of Global Head of Propositions and SME Digital. In this position, he focused on developing digital tools and propositions to improve the experience for small and medium-sized enterprises worldwide. His global remit demonstrated his ability to balance strategic oversight with detailed execution, particularly in digital innovation.
TSB Bank: Transforming SME Banking
In 2018, Richard joined TSB Bank as Commercial Banking Director and became a member of its Executive Committee. He tackled the challenges arising from the Lloyds Banking Group technology migration, which had caused customer disruption. Richard successfully led initiatives to restore trust and drive growth, including improvements to onboarding processes, savings and current account products, and partnerships with companies like Square and Enterprise Nation.
This role once again highlighted his commitment to supporting SMEs, reinforcing a consistent theme throughout his career.
Revolut: Scaling a Global Fintech
In 2019, Richard Davies took on the high-profile role of Group COO at Revolut, one of the fastest-growing fintech companies in the world. He was also CEO of Banking within the group, leading operations across Ireland, the US, Australia, and Singapore.
During his tenure, Revolut’s customer base grew from 5 million to 15 million, and the company successfully launched its European bank. He played a critical role in securing Revolut’s European banking licence and expanding its product offerings to include deposits and lending. Revolut also raised $580 million in funding during this period, marking it as one of the UK’s leading fintech unicorns.
Allica Bank: Leading SME Transformation
Becoming CEO
In August 2020, Richard Davies became the CEO of Allica Bank, a fintech-driven challenger bank dedicated to serving established SMEs. Backed by investors such as TCV, Atalaya, and Warwick, Allica was well positioned for rapid growth under his leadership.
Achievements
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Fastest-Growing Company: Allica Bank was named the fastest-growing company in the UK by the Deloitte Fast 50 in both 2023 and 2024.
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Awards and Recognition: The bank also earned spots on the Sunday Times Hundred, Sifted Europe’s high-growth list, and the Financial Times’ FT1000 index, where it ranked second across all European companies in 2025.
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SME Focus: Richard has ensured that Allica delivers tailored products including business current accounts, savings, and lending solutions, all designed with SMEs in mind.
Vision
Richard Davies’s vision for Allica Bank is clear: combine proprietary technology with a human relationship-led approach to deliver the best of both worlds. His belief is that SMEs, which account for over 30% of the UK economy, deserve a dedicated banking partner that truly understands their needs.
Zepz: Expanding Influence
Beyond his CEO role at Allica, Richard Davies also served as a Non-Executive Director at Zepz, the parent company of WorldRemit and Sendwave, from 2021 to 2025. Zepz is another fintech unicorn focused on international money transfers. Richard’s governance and strategic input contributed to its continued global growth.
Richard Davies Economist: A Different Career Path
It is important to distinguish Richard Davies, the banking leader, from Richard Davies, the economist. The latter is a professor in practice at the London School of Economics, author of Extreme Economies, and former Chair in Public Understanding of Economics at the University of Bristol. While they share the same name and a focus on economics, their professional contributions are distinct.
Conclusion
The career of Richard Davies reflects a remarkable journey across consultancy, traditional banking, fintech unicorns, and now leadership of one of the UK’s fastest-growing challenger banks. His academic excellence at Cambridge laid the groundwork for a career defined by strategic vision, operational mastery, and an enduring passion for supporting SMEs.
From Barclays and HSBC to OakNorth, TSB, Revolut, and now Allica Bank, Richard has consistently demonstrated an ability to lead transformation, scale organisations, and deliver tangible results. His story is one of vision and execution, making him one of the most influential figures in modern banking and fintech.
As the UK’s SME sector continues to evolve, Richard Davies and Allica Bank are poised to play a central role in shaping its future.
