Revolut has turned to a US banking veteran to spearhead its American operations because the British finance app prepares to launch stateside.
The five-year-old fintech firm has appointed Ronald Oliveira, who has spent 40 years working for banks in California, as its US chief government.
Revolut, which was just lately valued at $6bn (£4.8bn), operates throughout Europe however its US growth represents the most important potential market up to now.
The corporate had initially deliberate to launch within the US by the tip of 2018 however is but to safe a banking licence. It has struck offers with New York lender Metropolitan Industrial Financial institution and Mastercard and plans to supply each private and enterprise financial institution accounts.
Mr Oliveira, a former government at Union Financial institution of California, Heritage Oaks Financial institution and Avidbank, joined Revolut in November, in accordance with his LinkedIn profile. The corporate has employed a group of round 50 folks, based mostly in New York and San Francisco, and plans to copy the options of its UK app, corresponding to cryptocurrency buying and selling, when it launches within the US.
To encourage prospects to make use of it as their main financial institution, it says it can supply a function that deposits month-to-month pay cheques into their account two days earlier than their employer does. The corporate is amongst a handful of app-based “neobanks” that don’t have any branches however supply handy peer-to-peer funds, spending knowledge and fee-free international forex purchases.
Revolut is free to customers however fees a month-to-month price for upgrades corresponding to cryptocurrency and share buying and selling. It has round 10m customers however stays lossmaking in accordance with its newest accounts. When it launches within the US, Revolut will be part of British banking app Monzo, which has been testing its companies within the nation for the previous few months.