Fintech app Revolut drives global expansion – hires 3,500 staff

Anne Freier

In App Business. October 1, 2019

Revolut, the digital banking app, will hire 3,500 new members of staff as the company expands into 24 markets. The move is part of a global agreement with credit card company Visa.

The digital-only banking app launched in July 2015 and now has over 8 million customers. The company’s deal with Visa expands on an existing agreement the two companies had. Revolut currently enjoys a market presence in Europe and Australia. It will expand into the U.S. and Singapore by the end of 2019. A launch in Japan and Canada will follow in 2020.

The company expects to triple its customer base in 2020.

Nikolay Storonsky, Revolut’s CEO and founder, told Reuters: “We are around 1500 people now and by summer next year we plan to be around 5000.”

According to Storonsky, the average Revolut customer has €1000 in their account, making for a total balance of €8 billion. Although this hardly rivals high street banks like HSBC, they have taken notice of the rapid rise of finch banking apps disrupting the system.

To diversify its customer base, the company recently produced a “Revolut Youth” card for children aged 7 to 18 years.

The deal remains subject to regulatory approval. Once approved, Revolut credit cards will carry the Visa logo.