Joe Heneghan, Chief Executive Officer of Revolut Payments Ireland, has been appointed to take lead on fintech’s European operations. Heneghan will join fintech’s global banking team, taking on the role of Chief Executive Officer for Europe.
Heneghan was appointed into this position after the prior CEO of Europe, Virgilijus Mirkes, chose to step down following 2 years of leading the company’s Lithuanian operations and European banking strategy. Nick Storonksy, CEO and founder of Revolut, states that the reason for the new appointments is that the company had an “extraordinarily busy two years,” as well as that these new appointments will help the company reach its goal of becoming a “truly global bank.”
Revolut is a fintech company that offers banking services. Headquartered in London, Revolut was launched in 2015 and just recently obtained its full banking license in 2018 from the Bank of Lithuania. They then did not launch as a licensed bank until 2020. From the start-up of the company to now, Revolut has grown rapidly to have 15 million customers globally, including 1.5 million in the Republic of Ireland. The doubling of customer numbers in Ireland, up to 1.5 million, occurred under the leadership of Joe Heneghan. Looking into the future, the company has applied for a bank charter in the United States and currently aspires to gain an e-money license in Ireland.
Within his 25 years in financial services, Heneghan has worked for Ulster Bank, First Active, and Permanent TSB, all before joining Revolut. He spent 14 years at Ulster Bank pursuing many roles including chief administrative officer, director of customer service, and head of risk management. His time at First Active was as head of product management, while his time at PermanentTSB was spent in the marketing field as a marketing manager. His background in all sectors of financial services makes Heneghan a perfect candidate to take over as CEO of Europe.
Heneghan’s new position entails leading Revolut’s specialized bank and e-money institution licensed entities in Lithuania, while also overseeing further expansion in the European Economic Area. He will report to Sid Jajodia, Revolut’s new chief banking officer who is joining the company from Pay-U.
When it comes to his excitement for his new role, Heneghan states: “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.”
Harford, Sarah. “Revolut Ireland Boss to Step into European Banking Role.” Silicon Republic, 8 June 2021, www.siliconrepublic.com/companies/revolut-ireland-joe-heneghan-ceo-europe.
News, RTÉ “Revolut Ireland CEO Heneghan to Run European Operations.” RTE.ie, RTÉ, 8 June 2021, www.rte.ie/news/business/2021/0608/1226912-revolut-appointments/.