Revolut Ireland boss to step into European banking role

8 Jun 2021

Joe Heneghan. Image: Shane O'Neill/SON Photographic

After nearly two years at the helm of Revolut Ireland, Joe Heneghan is joining the fintech’s global banking team.

The CEO of Revolut Ireland is taking on a new role leading the company’s banking operations across Europe.

Joe Heneghan will join the fintech’s global banking team as chief executive officer Europe. He is replacing Virgilijus Mirkės, who is stepping down after two years leading the company’s Lithuanian operations and European banking strategy.

The appointment is subject to regulatory approval, but the plan is for Heneghan to lead Revolut’s bank and e-money institution licensed entities in Lithuania and oversee further expansion in the European Economic Area.

Former Ulster Bank chief administrative officer Heneghan was appointed as CEO of Revolut Ireland in 2019, and since then customer numbers in the country have doubled to around 1.5m.

Revolut said that his successor will be named in due course.

“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,” Heneghan said about his new role.

Heneghan will report to Revolut’s new chief banking officer, Sid Jajodia, who is joining the fintech start-up from PayU.

Jajodia previously held various roles at Capital One. He will now lead Revolut’s global banking operations and his initial focus will be on the EU and US.

Nik Storonsky, CEO and founder of Revolut, said the new appointments come after an “extraordinarily busy two years” for the company and will help in its mission to become a “truly global bank”.

The London-headquartered neobank migrated more than 9m customers from its UK entity to Lithuania last year as its UK e-money licence would no longer be valid for customers in the EU post-Brexit.

Revolut launched as a licensed bank in Lithuania in 2020. The fintech is also seeking an e-money licence in Ireland and has applied for a bank charter in the US.

Sarah Harford was sub-editor of Silicon Republic