Revolut seeks CCO for its new business division

Challenger bank Revolut is looking for Chief Commercial Officer to build a department that sells Revolut’s platform services to large merchants at scale.

Read also: Revolut’s CEO Nik Storonsky is the first Fintech billionaire

Revolut is clearly set to increase its profitability indicators. New CCO will have to develop a financial platform to meet the demands of all consumers and will be charged with hiring a 50-strong sales team and the generation of $100 million in annual sales.

“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,” Sifted reported.

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Revolut will then receive commissions for every purchase within its app. Discounts and other special offers will be available to all customers. The company is already testing a new model – a corresponding section has appeared in the application. 

The job ad on LinkedIn featured the following requirements:

The CCO will be responsible for the commercial strategy and development of the department through sales and marketing to drive business growth and market share.

• 15+ years of experience leading a large commercial organisation in a fast growing top-tier technology company;
• A history of successful P&L ownership, growing sales, margin and market share;
• Strong commercial background involving marketing, direct sales, sales and channel management, contract negotiation (experience of licensing is a bonus), development of pricing strategies, key account management
• Ability to identify new product opportunities and work with customers to position our Client as their development partner of choice;
• Robust technical mindset and able to work closely with Product department to prioritise projects and accelerate time to market for new products

Hiring CCO comes at a difficult time in the market. However, Revolut seems to be feeling pretty confident. In August, the startup released its 2019 financial report, according to which its revenue was £ 162.7 million ($ 213.1 million) – up from £ 58.2 million ($ 76.2 million) in 2018.

However, losses of Revolut also almost tripled – to £ 107.4 million ($ 140.7 million). This is likely due to expansion into new markets and efforts to attract new customers.