Fintech company Revolut has appointed James Shanahan (pictured left) as CEO and Pam Chuang (pictured right) as head of growth. Revolut first established in Singapore six months ago, and currently employs more than 30 staff in Singapore.
Shanahan was previously chief of staff for Railsbank Technologies in Southeast Asia and prior to that, chief operating officer for Singlife. He has more than 25 years of experience, having worked with ANZ Bank, Avaloq, Standard Chartered Bank, AXA Insurance and Accenture. In his stints with banks and insurers, Shanahan led new business launches, M&A, strategy, technology and operations in Hong Kong, Singapore, South Korea, Taiwan, Thailand and Australia.
At Revolut, he will be responsible for growing the company’s local business and expanding into wider Asian markets. According to Shanahan, Revolut has grown rapidly in Singapore and the firm continues to enjoy positive momentum despite the short term social and economic restrictions.
Meanwhile, Chuang joins Revolut from GoBear where she was most recently the VP of sales and partnerships. Bringing with her close to two decades of experience, she has held leadership roles for companies including AIA Group, ReMark International, Saxo Bank and Aon. Chuang said digital adoption of financial services has grown rapidly, where consumers are demanding improved value through easy-to-use, consumer friendly apps.” Revolut offers incredible value for our Singapore customers and I look forward to driving greater awareness and adoption of Revolut in Singapore,” she added.
The leadership announcements come shortly after Revolut launched a new logo as it moves towards positioning itself as a financial management tool. In its new visual identity, Revolut kept to its characteristic "R" and "Revolut" logos but switched up its brand colour.
In a blog post, Chris Hayward, brand manager and designer at Revolut said as the company continued to add more features to the app, it “seemed only natural” that it embodied a more refined and mature visual style. The rebrand was done by Revolut's in-house brand and design team, but the ongoing implementation involves a number of cross-functional teams across the company.
In a statement to Marketing, Rory Keohane, product owner for brand at Revolut said the company no longer offers only the foreign-exchange and travel card, and has rolled out savings features and money transfer options, among others. According to Keohane, the company has since shifted the role it plays in users' lives and the brand needed to evolve to reflect this. He said:
It needs to be more mature without leaving the energy and relentless drive that our customers expect from us.
Revolut first published the new visual identity on its blog, and will be communicating it to customers via social media, push notifications, in-app banners and emails. Currently, the company's marketing strategy is more focused on direct communication to users through emails and creating promotional campaigns that are relevant to the market. These are on top of partnerships with services such as Apple Pay, Google Pay, FitBit Pay, and Garmin Pay.
With more than 60,000 users in Singapore, and 10 million users globally, Revolut aims to be the “financial super app”. In Asia Pacific markets, Revolut has entered the Singapore and Australia market, while eyeing New Zealand and UAE. According to Keohane, the company is working towards building the bench strength in Singapore and executing its strategy more aggressively in the upcoming months. Online approach through multiple channels will be a key priority for Revolut, while also working with local and regional brands to deliver more relevant products and services to the market.
Just last month, Revolut raised SG$500 million in a series D funding. Keohane explained that the new capital will be focused on the customer experience and to strengthen Revolut’s core retail and business offering in Singapore, with a particular focus on product development to help accelerate daily usage of accounts. Eyeing for growth in the Asia Pacific region, Revolut will work on adding new benefits and tools into its app and cards to better meet the needs of Asian customers. In addition, the company also said it will be launching Revolut Donations later this year for customers to donate money to causes that matter to them. Revolut is also looking to invest in expanding its workforce across Japan which includes increasing its bench strength as well as its bench depth. Revolut has presence in the United Kingdom and across Europe, as well as in the United States.