Digital challenger bank Revolut is reportedly close to naming former Standard Life Aberdeen co-chief executive Martin Gilbert as its first chairman.

The Financial Times reported that Gilbert, regarded as one of the most experienced figures in The City, is being brought on board to win over investors ahead of a new fundraising round.

The paper reported that Gilbert has been advising the company’s chief executive Nikolay Storonsky on an informal basis in recent months amid a number of reports of challenges at the firm involving governance and workplace culture.

Founded as an app-based current account and foreign exchange card service in 2015, Revolut has grown quickly and now counts six million customers. Valued at $1.7 billion, it is one of Europe’s most valuable FinTech companies.

The company is reportedly eyeing a further $500 million of funding in the coming months to launch new services and fuel its European expansion.

The four-year-old company is also expected to beef up its leadership team with a number of recruits from traditional financial services backgrounds in the coming months, with names in the frame including former Goldman Sachs executive Michael Sherwood, who the FT reported is being considered as a non-executive director.

The company last month appointed former TSB and HSBC executive Richard Davies as chief operating officer, and is currently searching for a chief financial officer with global retail banking experience.

Revolut declined to comment.

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