Digital Bank Revolut Appoints New US Chief Executive

Leading digital bank Revolut has been rolling out new features for its digital banking platform. The bank recently introduced new features that allow users to earn cashback or avail special discount offers when they spend.

Revolut has also launched a new gold trading service for its Metal and Premium customers, and  has appointed several experienced professionals to its board of directors.

The digital bank’s most recent appointment comes as the company prepares for its full-fledged launch in the United States, after revealing plans to do so back in 2018. Last year, Revolut began accepting users of its App in partnership with Metropolitan Commercial Bank, Member FDIC.

The American Beta roll-out continues today. But the market in the US is very different than Europe creating additional challenges in an already competitive market with a high degree of market fragmentation.

Apparently, to help advance its cause, Revolut has reportedly hired Ronald Oliveira, a senior US banking professional. He will be serving as the bank’s chief executive as the company moves forward with its US launch.

For the past four decades, Oliviera has worked in senior management positions for several leading financial institutions, including the Union Bank of California, where he was employed for more than 20 years. Oliviera has also worked at Avidbank, a California-based commercial lending bank for six years.

David Maclean, former chief financial officer at Revolut,  has decided to step down from his position after spending less than six months with the firm.

Maclean, who’s also a former finance director at Metro Bank, said he had to leave his role at Revolut due to personal reasons.

Revolut, which was established only five years ago, seems to be interested in recruiting senior executives who have extensive experience working in finance, both locally in the UK and overseas. The bank is reportedly in the process of obtaining a UK banking license. It has been offering services in the UK without one for the past five years.

Revolut has recently been valued at $5.5 billion, following its $500 million Series D investment round.

Revolut CEO and co-founder Nik Storonsky noted (following the raise):

“We’re on a mission to build a global financial platform – a single app where our customers can manage all of their daily finances, and this investment demonstrates investor confidence in our business model.”

He added:

“Going forward, our focus is on rolling-out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability.”

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