It’s the done thing these days – leave a senior investment banking role and then reemerge in a fintech start-up, usually as the founder. However, the former head of coverage at Royal Bank of Scotland has just taken a role as chief financial officer of a consumer finance-focused fintech firm in London.
Richard Bartlett, who was head of coverage and debt capital markets at RBS until September last year, is now CFO at Uberima, a fintech firm that aims to extend credit to people who are often overlooked by large financial services organisations.
It describes itself as a ‘social enterprise’, which provides credit at an affordable rate to people who would otherwise turn to pay-day lenders. 50% of its profits are reinvested so it can continue this aim.
Bartlett joined as CFO in August after more than 15 years working in various roles at RBS including securitisation, debt capital markets and relationship management. For his last year at the bank, he was promoted to head of coverage and DCM.
However, as part of RBS’s ever-changing investment bank, it took the axe to a number of senior executives in September last year. Bartlett left, along with Eric Capp, who ran syndication and Nicholas Bamber, head of UK corporate coverage.
Capp has yet to emerge in a new role, while Bamber has been working as head of private assets for Legal & General Investment Management since January.
Bartlett is not the only former senior banker to join a fintech venture seeking to provide more ethical forms of credit for consumers. Mutaz Qubbaj, who worked for both Pimco and Credit Suisse in various trading roles, started Squirrel Financial Wellbeing, which aims to help people budget properly – and therefore stave off the need for pay-day lenders.