Sid Jajodia joins as Chief Banking Oﬃcer
Ireland CEO Joe Heneghan steps up to run European operations
Revolut, the global ﬁntech which has more than 15 million customers worldwide, today announced the appointment of Sid Jajodia as Chief Banking Oﬃcer to lead the roll out of Revolut’s international banking operations. The appointment advances Revolut’s vision to become the world’s ﬁrst truly global banking platform and accompanies a reorganisation of its banking operations.
Sid Jajodia joins Revolut as Chief Banking Oﬃcer from PayU where he has been CEO Credit for three years. He has deep experience in global banking and was at Lending Club for four and a half years, ﬁrst as vice president, risk management and later as chief investment oﬃcer. He spent 12 years at Capital One where he held various roles, most recently, SVP and head of SME lending.
Mr Jajodia will lead Revolut’s global banking operations supported by a widely experienced international team. The group banking leadership comprises, Matt Baxby, CEO of Revolut Australia who has been Interim Group Banking CEO until Mr Jajodia’s appointment, Paroma Chaterjee, who recently joined as CEO India, Ron Oliviera, CEO North America, Yoko Makiguchi, CEO Japan and James Shanahan, CEO Singapore. [Revolut expects to announce its UK banking CEO following regulatory approval.] Mr Jajodia’s early focus will be on the EU, US and Revolut’s active markets.
Joe Heneghan joins the global banking team in the new role of Chief Executive Oﬃcer Europe, reporting to the chief banking oﬃcer. As CEO of Revolut Bank and Revolut Payments in Lithuania he will succeed Virgilijus Mirkės who has decided to step down after two years establishing, building and operationalising these businesses and overseeing the migration of 9 million European customers to Revolut’s European e-money licence following Brexit. Mr Heneghan will lead Revolut’s specialised bank and e-money institution licenced entities in Lithuania and oversee Revolut’s further expansion in the EEA region. [The appointment is subject to regulatory approval.]
As CEO of Revolut Payments Ireland Ltd (RPIL) since 2019, Joe Heneghan led the rapid and successful growth of Revolut’s Irish business, in which customer numbers in Ireland doubled to 1.5m. He has more than 25 years experience in ﬁnancial services including senior leadership positions at Ulster Bank and Permanent TSB. His successor will be appointed in due course.
Nik Storonsky, CEO and Founder of Revolut, said: “I am delighted to welcome Sid Jajodia as Revolut’s Chief Banking Oﬃcer as we advance our plans to roll out our banking oﬀering. Sid will lead an exceptional team who can bring Revolut to customers across multiple markets, accelerating the creation of a truly global bank, underpinning our ﬁnancial superapp.
“I am equally pleased to announce Joe Heneghan as the new CEO Europe, leading Revolut Bank and Revolut Payments Lithuania. Joe succeeds Virgilijus Mirkės who has presided over an extraordinarily busy two years as Revolut progressed our European banking expansion. We operationalised our European specialised banking licence, began rolling out banking services in 12 European countries, and migrated more than 9 million customers from our UK entity ensuring a smooth service through and beyond Brexit. At the same time we welcomed millions of new customers and continued to create and launch new and innovative products that make our customers’ lives easier. I want to thank Virgilijus for his and his team’s achievements in our European expansion. I know that Joe will continue building on that to ensure our further growth in Europe.”
Sid Jajodia, Revolut’s Chief Banking Oﬃcer, said: “This is an extraordinarily exciting time to join Revolut, a business I have admired from afar for some years. It has been a remarkable feat to continue to grow customers and to maintain the relentless focus on the innovation and product ﬂow that draws customers to Revolut throughout a global pandemic. There are few companies in the world that share Revolut’s ambition or imagination for the services it aims to create for its customers. I’m hugely looking forward to joining the team.”
Joe Heneghan, Revolut’s CEO Europe, said: “I’m delighted to have the opportunity to build on Revolut’s achievements in Europe and help take the business even further on its journey to becoming a global ﬁnancial super-app. I am looking forward to continuing the growth of Revolut Bank in Europe, and launching many more exciting products for our retail and business customers.”