Posted on September 30, 2019 by staff

UK FinTech Revolut to hire 3,500 staff following Visa deal


UK digital-only bank Revolut is to hire 3,500 new staff as part of its expansion into new markets following a deal with Visa.

The firms CEO and founder said that an expansion of an existing deal with Visa will see it will move into new markets across the globe.

With more than 8 million customers already secured in Europe and Australia markets it will now open in eight new countries including Brazil, Japan, Russia and the United States before 2020.

CEO and founder Nikolay Storonsky told Reuters the firm will then launch Latin American and Asian markets next year.

“We are around 1,500 people now and by summer next year we plan to be around 5,000,” he said.

The deal will see at least 75 per cent of the firm’s cards carry Visa branding, rather than that of rivals such as Mastercard, which appears on rival Monzo’s physical debit cards.

Its plans depend on the firm receiving the necessary regulatory approvals in the new markets.

Previously Revolut had faced questions from Britain’s financial watchdog about its ability to check sanctions. The Telegraph reported in February that it had switched off a system designed to stop transactions flagged for sanctions checks.

It was also reported that customers who affected by fraud felt they had been let down by the digital bank’s customer service, which offered in-app chat instead of a telephone helpline.

Of the problems, Storonsky said: “We are a different company than we were two to three years ago, we’ve learned lessons.”

The firm recently announced a handful on international senior appointments in its European leadership teams, including new CEOs in its Lithuanian and Irish branches.

The firm, which was last valued by investors at $1.7 billion, also recently announced that its premium users would be able to carry out commission free trading, beginning with access to US stock markets.