European fintech giant Revolut has appointed former Citigroup executive Rebecca Macieira-Kaufmann to its US board to expand in the world's largest economy.
Macieira-Kaufmann worked for Citigroup for 12 years, most recently as Head of Citigroup's International Personal Bank in the USA, the company's offshore asset management arm.
Revolut, valued at $ 5.5 billion, was particularly successful in Europe, where most of its 13 million+ users live. The start-up started in the US in March and gained customers after offering an unusually high interest rate. More recently, the company was planning to apply for a banking charter in California, people aware of the matter said in October.
"There are still many communities in the US that are underserved by the banking industry, including the many people who come to this country and find it incredibly difficult to open a bank account," Macieira-Kaufmann said in a statement. "This is an issue that is very close to my heart. I am very excited to join the US board of Revolut."
At Citigroup, Macieira-Kaufmann was regional president and led operations in California and Nevada. In 2013 she was promoted to CEO of Banamex USA, a subsidiary of Mexico's second largest bank, which Citigroup acquired in 2001.
She took over at Banamex USA after US regulators ordered the company to improve controls to combat money laundering, which led to the overthrow of her predecessor. But Citigroup eventually shut down and paid nearly $ 240 million in fines after regulators said the unit failed to fix its weaknesses.