Revolut appoints new Canadian CEO four years after retreat from market

British neobank Revolut has selected a new Canadian CEO to bring it back to the market it left in 2021.

“The Canadian market is one that we are currently evaluating and finding attractive.”

Ian Pilbauer, now former CEO of Abu Dhabi fintech company Al Etihad Payments, has updated his LinkedIn Profile to indicate that he became CEO of Revolut Canada in October. It Follows the Revolution reportedly recruiting for the new Canadian CEO earlier this year.

A Revolut spokesperson confirmed to BetaKit that Pilbauer is CEO of Revolut Canada, adding that the company continues to “explore growth opportunities in new markets.”

“The Canadian market is one that we currently evaluate and believe is attractive, with the potential to offer customers a unique value proposition in the future,” the spokesperson said. “However, we are at an early stage in the process and cannot share any further news at this stage.”

Pilbauer has extensive experience in the financial technology industry, including in Canada. In addition to serving as CEO of Al Etihad and South Africa's BankservAfrica (now known as PayInc), Pilbauer was previously the chief information officer and executive director of modernization at Payments Canada, the organization that operates the payments clearing and settlement system in Canada. He was also the former director of applications and data management at the Bank of Canada, he said. LinkedIn Profile.

Founded in 2015, Revolut is one of the world's largest neobanks and one of Europe's most valuable private technology companies. recent stock sale this valued it at US$75 billion (CAD$105 billion). The FinTech giant offers banking services that include prepaid debit cards, foreign exchange, stock trading, peer-to-peer payments and cryptocurrency trading.

Revolut has launched beta version of its banking services, as well as cryptocurrency and stock trading offerings in Canada in 2019, just to retreat at the beginning of 2021. At the time, the company argued it could not offer the full range of services it had hoped to offer in Canada.

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The company promised to return to Canada when it could, with Revolut co-founder and CEO Nikolai Storonsky later told the audience at Collision reported that the company plans to return to Canada in 2022. A Revolut spokesperson later attempted to rebut those comments, telling BetaKit that the company “does not have any timeline for a return to Canada to disclose at this time.”

When Revolut was recruiting for its top position in Canada earlier this year, reportedly told potential fans that he is looking for a leader in Canada interested in building something from the ground up. This CEO was expected to be tasked with “scaling the business from 0 to 1 and beyond in Canada,” ensuring the “smooth and timely completion of all necessary regulatory licenses,” and working “with internal and external stakeholders to manage expectations.”

Image courtesy of Revolut.