Revolut appoints new US CEO to accelerate North American growth

Diving brief:

  • Revolut has named Sid Jajodia CEO of the US arm of the neobank, the company announced on Thursday.
  • The move represents an expansion of responsibilities for Jajodia, who will continue to serve as the company’s Chief Banking Officer, a position he has held since July 2021.
  • In the expanded role, Jajodia will be responsible for leading the rollout of Revolut’s international banking operations, as well as accelerating the company’s growth in the United States, the company said.

Overview of the dive:

“We are delighted to announce the appointment of Sid as CEO in the United States. Sid has been instrumental in building our Global Banking offering, which will help him and his team accelerate our growth in the US,” said Nik Storonsky, CEO and co-founder of Revolut, in a statement.

Prior to joining Revolut, Jajodia was CEO of Credit at payment service provider PayU. He spent four and a half years at the Lending Club, where his roles included Vice President of Risk Management and Chief Investment Officer.

He also spent 12 years at Capital One in various roles, including Senior Vice President and Head of Small Business Lending.

Revolut, which claims to have almost half a million active users in the United States, has been trying to establish a foothold in the region since its official launch. US launch in March 2020the start of the coronavirus pandemic.

The pandemic has impacted the rollout of Revolut; the neobank launched without the fanfare it had shown in other markets, former Revolut USA CEO Ron Oliveira said Banking Dive last year.

Oliveira left fintech in January to become the CEO of Bellevue, Wash.-based Moonstone Bank, according to his LinkedIn Profile.

Revolut has 150 employees in offices in New York, San Francisco and Dallas, and is actively recruiting in the United States, the company said. In March, Revolut announced he hired Yuval Rechter as general manager and Danil Ovechkin as head of growth to help with his marketing and expansion efforts in the United States.

To gain an edge in the competitive US market, Revolut is seeking a banking charter.

The company submitted a draft application with the Federal Deposit Insurance Corp. (FDIC) and the California Department of Financial Protection and Innovation in March 2021 to obtain a banking license in the United States

The company chose to seek charter in California thanks to the state’s strong ties to the fintech industry, Oliveira said Banking Dive in August.

Revolut was launched in the UK in 2015, offering money transfer and exchange services. The neobank claims to have 18 million customers who perform more than 150 million transactions per month.

In April, the company announced a partnership with Cross River Bank, based in Fort Lee, New Jersey, to offer personal loans to its American consumers.

Revolut, which has previously partnered with New York-based Metropolitan Commercial Bank to offer digital banking services in the United States, said it was leveraging Cross River’s technology and regulatory expertise to evolve and grow in verticals, including credit.

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