Revolut’s personnel manager leaves the startup after a year

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The former Amazon executive responsible for overseeing the department that takes care of Revolut’s thousands of employees is set to leave the startup after about a year in this role.

Jim MacDougall spent over six years as a director of human resources at Amazon before joining Revolut in September of last year. MacDougall has now decided to leave the startup and will be replaced on an interim basis by Upayan Mitra, head of performance management at Revolut, according to people familiar with the matter.

London-based Revolut was recently valued at $ 33 billion after an $ 800 million Series E round that made it the most valuable UK fintech company in history.

But the rise of the startup, often described by staff as a “rocket”, has not been linear. Its human operations team has been particularly affected by the Covid-19 crisis, suffering a series of high-level departures.

While at Revolut, MacDougall helped shape the startup’s flexible labor policies, according to a person with knowledge of the subject. In February, the neobank announced that it would move most of its more than 2,000 employees to a permanent remote work model. The company now allows its staff to work abroad for up to two months a year.

Fundraising frenzy

Meanwhile, after raising $ 800 million in the July Series E round, led by SoftBank Vision Fund 2 and Tiger Global Management, Revolut has raised even more money, according to an announcement released this morning.

Schroder UK Public Private Trust, formerly known as Woodford Patient Capital Trust, has invested $ 13.7 million in the neobank. The investment is accompanied by the Series E agreement and was made on the same terms as negotiated by Tiger Global Management and SoftBank Vision Fund 2.

Woodford Patient Capital Trust was previously run by Neil Woodford, the disgraced former fund manager whose investment empire collapsed in 2019.

© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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