Revolut to hire around 3,500 staff to support its global expansion

By Akshay Kedari  Date: 2019-10-01

Revolut to hire around 3,500 staff to support its global expansion

The banking industry plays a vital role in offering end-to-end financial. The development of this industry is crucial as it could help with the development of a county’s economy. In order to fuel this development, companies are coming up with new products as well as expanding their businesses by mean of numerous growth strategies.

Revolut Ltd., a U.K.-based digital banking app, has recently made some developments in this field by announcing plans to recruit a total of 3,500 employees to expand in 24 new markets. A move that was possible due to its latest global deal with payment behemoth Visa.

As per reports, the deal with Visa builds on the existing agreement between the two company, and enables Revolut to expand into new markets, starting with eight new nations which consist of Japan, Brazil, the United States and Russia by end of 2019. Moreover, the company has revealed that it is planning to expand into other Asian and Latin American markets by the year 2020.

Nikolay Storonsky, Chief Executive and Founder, Revolut, said that the global expansion would enable its firm to double or even triple its users by 2020. He claims that the company's average customers has approximately 1000 euros in their account, which takes its total deposit to a balance of 8 billion euros ($8.74 billion).

Incidentally, the company has also widened its customer base by offering its latest product “Revolut youth cards” to children between the age group of 7 to 18 which will be linked to their bank account till the end of this year.

With the latest offering, Revolut’s mission to become the one-stop-shop solution for financial services is not only targeted to its product portfolio but also to its community’s age groups. This trend was first noticed when the company introduced its stock-trading feature, which was aiming to entice millennials.

Reportedly, Revolut is one of the fast-paced firms that has made an astounding growth since its launch and currently has over 8 million users. However, the recent plan to expand into new markets is still dependent on regulatory for approvals.

Source Credit: https://www.businessinsider.com/exclusive-fintech-firm-revolut-to-hire-3500-staff-in-global-push-with-visa-2019-9?IR=T

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Fintech firm Xendit becomes a unicorn following USD 150 million funding

Fintech firm Xendit becomes a unicorn following USD 150 million funding

By Akshay Kedari

Indonesian financial technology company Xendit has reportedly secured USD 150 million during a Series C funding round which was led by Tiger Global. Other investors that participated in the latest fundraising included Justin Kan’s Goat Capital,...

Samsung Biologics to participate in 2050 carbon-neutral initiative

Samsung Biologics to participate in 2050 carbon-neutral initiative

By Akshay Kedari

South Korean biotechnology firm Samsung Biologics recently revealed the signing of a Memorandum of Understanding (MoU) to join the ‘Frontier 1.5D initiative’ to devise a climate risk management model. The company is set to join the 2050 C...

Ola’s highly anticipated e-scooter sale postponed over website glitch

Ola’s highly anticipated e-scooter sale postponed over website glitch

By Akshay Kedari

The sale date for the Ola S1 and S1 Pro e-scooters was previously scheduled for 8th September. Test rides for the Ola S1 and S1 Pro scooters will begin from October 2021. Ola Electric Mobility has postponed the sales of its first e-scooter from ...

SoftBank, Deutsche Telekom partner to expand portfolio, scale business

SoftBank, Deutsche Telekom partner to expand portfolio, scale business

By Akshay Kedari

Japan-based SoftBank Group Corp. recently announced a strategic alliance and an equity share swap deal with Deutsche Telekom AG (DT). As part of the partnership, SoftBank's more than 300 portfolio firms receive access to about 240 million DT con...

Google signs agreement with Engie for 140MW renewable energy supply

Google signs agreement with Engie for 140MW renewable energy supply

By Akshay Kedari

Google has recently signed a 140MW renewable energy supply agreement with Engie Deutschland. The utility company will build and manage an energy portfolio to deliver renewable electricity from solar and wind sources in Germany to Google. The solar p...