Fintech/News/ Revolut set to hire a CCO to lead new division amid profitability push Revolut is hiring its first CCO, who will be in charge of building out an entire new revenue line for the fintech By Isabel Woodford 4 November 2020 \Fintech The payments tech changing how we pay back loans By Sifted 23 September 2022 Fintech/News/ Revolut set to hire a CCO to lead new division amid profitability push Revolut is hiring its first CCO, who will be in charge of building out an entire new revenue line for the fintech By Isabel Woodford 4 November 2020 London-based fintech Revolut is on the hunt to find its first-ever chief commercial officer to build an ambitious new sales stream. A job advert on LinkedIn reveals Revolut is looking for a new CCO to sell “platform services” to medium and large retail merchants; a marked shift from its existing model. According to insiders, hiring a CCO to target merchants forms part of Revolut’s plan to grow a full-stack financial platform, where retailers such as Amazon can offer goods and services to Revolut’s 12m customers within the app. Revolut will then earn a cut or commission with every sale or transaction, while allowing Revolut’s users — including business customers — to buy the goods at a discount. A version of this strategy is already live (as seen below) but is still in its early phases, likely necessitating a dedicated commercial team to take it to the next level. The Revolut app today The decision to hire a dedicated CCO comes amid a difficult year for digital banking apps like Revolut, which have been badly hit by Coronavirus and have struggled to manage a high cost-base since they first launched. Indeed, Revolut recorded post-tax losses of £107.4m in 2019, despite strong growth in customer numbers and revenues. Revolut and its peers are now under increased pressure to reach profitability, prompting the hiring of a CCO. Revolut’s new CCO will be expected to bring in over $100m in annual sales, according to the job advert. The job advert as seen on LinkedIn. Notably, the new CCO will have a target of bringing in $100m in annual sales. More broadly, Revolut closed a mammoth fundraise earlier this year, meaning the fintech has ample resources to execute its plans — including appointing a wave of executives. The company has previously outlined ambitions to build a one-stock ‘super app’, which it hopes will allow users to track their entire financial lives in one place. Elsewhere, Revolut has also reportedly begun building out a platform that can offer card processing services to large enterprises. However, it’s unclear if the CCO will oversee this operation too. Revolut declined to comment. Related Articles Let’s talk about Revolut’s new valuation By Isabel Woodford Click here to read more Revolut losses triple even as revenues surge By Isabel Woodford Click here to read more Why this group of fintechs could be Europe’s next unicorns By Isabel Woodford Click here to read more Most Read 1 \Fintech Klarna to make second round of job cuts 2 \Venture Capital Glovo founder Oscar Pierre launches new €50m VC fund 3 \Startup Life World’s first digital nomad village creator launches three new spots as winter looms 4 \Sustainability Former Bulb boss Hayden Wood joins UK VC — and plans to build a new energy company 5 \Fintech Andreessen Horowitz leads London fintech Sequence’s $19m seed round 7 Join the conversation Subscribe newest oldest Notify of new follow-up comments new replies to my comments DenislavI guess what worries me about companies like Revolut is exactly profitability – there’s only so much time a business can spend losing money. But profitability is difficult when you are a mobile bank and literally redefining the way we use banks. I would imagine traditional banks have ‘legacy’ vehicles of commercialisation which Revolut, Monzo and the rest cannot replicate because of their innovative approach and running away from traditional way of operating a bank. JohnA truly fantastic service. This is the future of banking. Have been using it personally (now all my family members have accounts) as well as handling payments for my business. Top notch company, product and service. Hernàn Roberto CardozoHola, recuerden usuarios y clientes de Revolut que el esfuerzo en el crecimiento de una Compañìa para satisfacer a los mismos, es grandìsimo. Por lo tanto, hay que tener siempre un nivel de tolerencìa acorde. Si fuera la Voz de comunicaciòn de Revolut, saldrìa por todos los medios a pedir disculpas y dejar en claro que estamos escuchando a todos sobre los comentarios. Que la intenciòn de cumplir y tener un cliente satisfecho, es una prioridad en Revolut. Todos merecen siempre una segunda oportunidad. Saludos. GeertI’ve been a revolut user since 2015 and I was always helped swiftly by customer support. Great product. I’m excited about these developments. They’ve shown that they can disrupt existing industries quickly. Michael O'HareAgreed. Customer service is appalling. It took my brother almost 96 hours to regain access to his account after the debacle last weekend with the faulty update to the Revolut app. They hide behind data protection legislation and security procedures as a means of making it as difficult as possible to communicate with them. I am looking at my options for both personal and business accounts. N26 or Transferwise has to better than the appalling service provided by Revolut. I am waiting 3 months for my app access to my Business Revolut accounts to be restored. Luckily I still have… Read more »Álvaro DiogoMakes total sense that a company that can’t even perform (in my view) banking services and customer service would branch out into other areas. This company is to be avoided at all costs. Just research online at feedback from clients that receive no customer service and wait for months to get answers or worse, to get access to their money. DonnaGood morning
Why this group of fintechs could be Europe’s next unicorns By Isabel Woodford Click here to read more