LONDON, Feb 10 (Reuters) - Rich Ricci, the former boss of Barclay’s investment bank has been named chairman of online currency exchange freemarketFX, betting on the growth of a fintech start-up challenging traditional financial services.
The world’s top banks and insurers are seeing their business models challenged by fintech start-ups, which are reshaping what consumers and businesses expect from financial services using digital technologies, industry insiders and experts say.
The American-born Ricci, a star performer at Barclays known for his love of horse racing, was a key lieutenant of Bob Diamond and is estimated to have earned at least 80 million pounds ($116.02 million) from his 19 years at Barclays.
As non-executive chairman and also an investor of an undisclosed sum in freemarketFX, Ricci will be tasked with providing strategic oversight as the online currency exchange seeks to grow.
“I am hugely excited to be working alongside freemarketFX’s strong management team, led by Alex Hunn, and to be joining the fintech revolution,” Ricci said in a statement.
Hunn, who previously worked at MF Global and Deutsche Bank, founded freemarketFX in January 2014, with the aim of reducing costs for companies and investors exchanging currencies, by matching buyers and sellers online, charging a fixed 0.2 percent commission on trades.
Ricci, who left Barclays in 2013, was also recently named chairman of Irish online bookmaker BetBright. ($1 = 0.6895 pounds) (Reporting by Anjuli Davies, editing by Louise Heavens)