Salovaara was beforehand US CFO at Kraft Heinz and dabbled as an investor earlier than becoming a member of Revolut again in January 2021.
Picture supply: Revolut CEO Nikolay Storonsky (proper).
Because it vies to turn into probably the most outstanding London fintech, Revolut has bagged itself a brand new CFO.
Mikko Salovaara, a 29-year-old Yale graduate, might be entering into the highest job on the digital banking service after having served as VP of Finance since January.
He’s entering into the CFO place after former CFO David Maclean left the job in March 2020 after lower than six months within the position.
Salovaara’s new position at Revolut won’t be the primary time he has stepped into the highest monetary job.
Between September 2016 and 2019, Salovaara served in numerous CFO positions at meals and beverage big Kraft Heinz, together with a stint as CFO of the US area.
Due to his wealth of expertise, Revolut’s high finance job needs to be clean crusing. For context, when Salovaara was China CFO at Kraft Heinz in 2017, it had a market cap of round $118bn, just a bit bounce up from Revolut’s $5.5bn valuation.
In an e mail despatched to Sifted, Salovaara wrote: “I’m delighted to have joined Revolut and humbled by the chance to assist obtain our ambition of turning into a really world financial institution.”
In addition to a number of years as a CFO at Kraft Heinz, Salovaara has additionally dabbled in investing, each at 3G Investing in New York and Elliott Advisors in London and was additionally named within the Forbes 30 Beneath 30 finance class in 2019.
“I’m very happy to welcome Mikko Salovaara as our Chief Monetary Officer,” Nik Storonsky, co-founder and CEO of Revolut mentioned.
“Mikko has a robust monitor file in constructing resilient monetary groups and processes in world consumer-facing industries and is concentrated on constructing out our world capabilities as we handle the following part of our progress.”
Salovaara’s appointment breaks with Revolut’s latest custom of hiring business stalwarts to assist it appear extra ‘grown up’, most notably appointing Martin Gilbert as its group chair again in 2019.
Revolut has been hell-bent on perfecting its ‘tremendous app’ as of late, consistently rolling out new services for its 15m customers.
Simply yesterday, the fintech launched a browser extension device to assist its clients entry low cost codes whereas buying on-line and expanded its cryptocurrency providing because of an integration with Elliptic’s cryptocurrency compliance.
Final week, AltFi additionally solely revealed that Revolut would quickly enable paying Steel clients to get beta entry to switch their Bitcoin holdings out of Revolut.
In response to AltFi’s calculations earlier this 12 months, Revolut may very well be sitting on over £1bn price of crypto on behalf of its clients.