New deal with Visa will see Revolut hire thousands, expand into 24 markets

30 Sep 20192.78k Views

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Revolut is set to increase its global headcount to 5,000 on the back of a new deal with Visa, which will see it expand into a host of new markets.

Revolut has brokered a deal with global payments giant Visa, which will see it hire around 3,500 staff and expand into 24 new markets, the two firms announced on Monday (30 September).

The deal with Visa will extend a pre-existing agreement, allowing the challenger bank to expand from its current markets in Europe and Australia, with plans to launch in the US by the end of the year, Reuters reports.

“We are around 1,500 people now and by summer next year we plan to be around 5,000,” Revolut CEO Nik Storonsky told the news agency.

One of Revolut’s primary competitors in the challenger bank space, N26, announced its soft launch in the US in July of this year, initially opening to the 100,000 people who were on its waitlist.

Revolut’s expansion will be subject to regulatory approval and, though not exclusive, the deal will see at least 75pc of all Revolut cards carry Visa branding, as opposed to Mastercard.

Storonsky added that the average customer has around €1,000 in their account, putting the total deposit balance for the company at around €8bn.

Expansion plans

In Ireland, Revolut recently confirmed it is looking into founding a new payments and technology hub, electing to place a “strategic focus” on the country as a central hub to its European operation.

The company is currently in the process of applying for an electronic money license, an application that will likely by bolstered by the recent appointment of ex-Ulster Bank chief Joe Heneghan as its Irish CEO. As well as being responsible for defining and implementing the company’s Irish business strategy, Heneghan will serve as the in-jurisdiction point of contact for the regulator and relevant stakeholders.

Revolut has also launched a host of new services in recent months, such as commission-free stock trading, a ‘Group Vaults’ function and compatibility with Apple Pay.

It has also announced significant recruitment drives in both Berlin, Germany, and Porto, Portugal, with the company hoping to fill 80 and 330 roles in the two countries, respectively.

Eva Short is a Journalist at Siliconrepublic.com

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