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 time is now': Monzo searches for US CEO to double down on expansion By Amy O'Brien 9 February 2023 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 \Healthtech Is Daniel Ek’s new body scanner worth the hype? Sifted tried it out 2 \Venture Capital VC diversity needs to change — and white men need to take responsibility 3 \Venture Capital New €3.75bn European Investment Fund pot to back late-stage VCs 4 \Sustainability Counteract closes £15m fund for carbon removal solutions 5 \Mobility Was the $5bn that VCs plugged into escooters worth it?