Challenger bank Revolut is looking for Chief Commercial Officer to build a department that sells Revolut’s platform services to large merchants at scale.
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 $100 million in annual sales.
“According to insiders, hiring a CCO to target merchants forms part of Revolut’s plan to grow a full-stack financial platform, where retailers such as Amazon can offer goods and services to Revolut’s 12m customers within the app,” Sifted reported.
Revolut will then receive commissions for every purchase within its app. Discounts and other special offers will be available to all customers. The company is already testing a new model – a corresponding section has appeared in the application.
The job ad on LinkedIn featured the following requirements:
The CCO will be responsible for the commercial strategy and development of the department through sales and marketing to drive business growth and market share.
- 15+ years of experience leading a large commercial organisation in a fast growing top-tier technology company;
- A history of successful P&L ownership, growing sales, margin and market share;
- Strong commercial background involving marketing, direct sales, sales and channel management, contract negotiation (experience of licensing is a bonus), development of pricing strategies, key account management
- Ability to identify new product opportunities and work with customers to position our Client as their development partner of choice;
- Robust technical mindset and able to work closely with Product department to prioritise projects and accelerate time to market for new products
Hiring CCO comes at a difficult time in the market. However, Revolut seems to be feeling pretty confident. In August, the startup released its 2019 financial report, according to which its revenue was £ 162.7 million ($ 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.