Revolut: 3,500 new jobs

Revolut will create 3,500 new jobs in the coming years. 

This was revealed by Reuters, which reported that the British company had a plan to expand into 24 new markets thanks to a new global agreement even with VISA. 

Both the agreement with VISA and the expansion plan point to a significant increase in users in the near future for the digital bank that also offers services related to cryptocurrencies. For this reason, there is a need for a much more structured framework compared to the current situation, which consists of around 1,500 employees, and for more professionals to be hired. 

The CEO and founder, Nikolay Storonsky, said: 

“We are around 1500 people now and by summer next year we plan to be around 5000”.

He also said that the number of customers in the next year is expected to double or even triple. 

Revolut has grown very fast since its launch in July 2015, and now already has more than 8 million customers. The goal, thanks to the agreement with VISA, is to expand by the end of the year from its current European and Australian markets to eight new countries including Brazil, Japan, Russia and the United States. 

Next year it will be the turn of Asia and Latin America, where cryptocurrencies are also spreading very fast. However, for the plan to proceed, certain regulatory authorisations will be required.

Storonsky also revealed that Revolut’s average customer holds about 1,000 euros in their account, resulting in a bank’s total deposit balance of about 8 billion euros, or about 8.74 billion dollars. 

This figure, which may seem consistent, is actually still tiny when compared with that of giants such as HSBC and JP Morgan, which have deposits of several trillion dollars.

The agreement with VISA is not exclusive but provides that at least 75% of all Revolut cards will have the VISA brand, rather than that of competitors such as MasterCard.