Revolut has appointed Kuba Fast, former chief executive of JPMorgan Chase’s UK retail banking operation, to lead its European banking division as the fintech firm intensifies its expansion across the continent. Fast, who joined JPMorgan’s international consumer banking initiative in 2019 and took charge of Chase UK in 2024, brings significant industry experience to Revolut’s Lithuanian-based banking unit, the center of its lending activities in Europe.

Revolut, founded in London 11 years ago by Nik Storonsky and Vlad Yatsenko, began as a prepaid travel card linked to a mobile app. Since then, it has evolved into a diversified financial technology company offering services ranging from cryptocurrency trading to stocks and shares ISAs. The company now serves over 75 million customers worldwide and was valued at $75 billion last year. It recently secured a banking license in the United Kingdom, although its lending operations have primarily been based in Lithuania since obtaining the Bank of Lithuania license in 2018.

The fintech group is restructuring its European operations, establishing a new headquarters in Paris to oversee western European markets, including France, Spain, Italy, Germany, Ireland, and Portugal. This division will be led by Béatrice Cossa-Dumurgier. Meanwhile, Revolut’s Lithuanian bank will continue to serve other European countries such as Denmark, Finland, Hungary, the Netherlands, and Poland. During the transition, Fast will jointly manage the European business alongside Cossa-Dumurgier.

Revolut’s move to appoint Fast is part of its broader strategy to challenge incumbent banks and expand its footprint across Europe. This puts it in direct competition with JPMorgan Chase, which has also recently increased its presence in the region’s digital retail banking sector. In May, JPMorgan launched Chase Germany under the leadership of Daniel Llano Manibardo and has expressed ambitions to enter additional European markets.

JPMorgan’s global chief executive Jamie Dimon has publicly acknowledged Revolut’s rapid growth, stating earlier this year that he was “jealous” of the fintech’s pace. He noted that JPMorgan has learned from observing such firms and recognized the need to accelerate its own digital banking initiatives in response.

As Revolut seeks to consolidate and expand its banking services across Europe, the appointment of an experienced executive like Kuba Fast underscores the company’s commitment to scaling its operations and competing with established financial institutions.