Matthew Barzun is leaving his post as U.S. ambassador to Sweden to become national finance chairman for President Barack Obama’s re-election campaign, Roll Call has confirmed.

The Boston Globe first reported that Barzun will take the role Chicago billionaire Penny Pritzker held on Obama’s 2008 campaign, which raised nearly $750 million. Speculation among political observers is that the Obama campaign could raise even more this time, despite the lack of an extended primary.

Obama and Congressional Democrats will have some extra help from outside groups this cycle, including one announced Friday morning by former White House officials Bill Burton and Sean Sweeney.

According to the Globe, Barzun, 40, is a Harvard graduate and direct descendant of John Winthrop, the first governor of Massachusetts.

He was a top fundraiser for Obama in 2008, and, according to his embassy profile, was most recently president of BrickPath, an Internet media investment company, and executive vice president at CNET.