Exclusive: Fintech firm Revolut to hire 3500 staff in global push with Visa

LONDON: British-based digital banking app Revolut is set to hire around 3500 staff as it expands into 24 new markets thanks to a new global deal with payments giant Visa Inc, the two companies said on Monday.

Revolut, one of a breed of new digital-only account providers taking aim at traditional high street banks, has grown at breakneck pace since its launch in July 2015 and now boasts more than 8 million customers.The deal with Visa expands an existing agreement between the two firms and will see Revolut expand from its current markets of Europe and Australia to open in eight new countries including Brazil, Japan, Russia and the United States by the end of this year.

Revolut will then launch in other Latin American and Asian markets next year, its chief executive and founder Nikolay Storonsky told Reuters.The expansion into new markets will be subject to Revolut getting the necessary regulatory approvals.The deal is not exclusive but will see at least 75per cent of all Revolut cards carry Visa branding rather than that of rivals such as Mastercard Inc.

But, along with its peers, Revolut has shocked incumbent banks into upping their digital game, as customers flock to Fintechs with their slicker apps, money management tools and attractive offers on foreign exchange.Revolut's rapid growth in recent years has been without hiccups. It faced media reports about a cutthroat work culture and questions from Britain's financial watchdog earlier this year about its sanctions-checking systems.

"We are a different company than we were two to three years ago, we've learned lessons," Storonsky said of those problems.

Source: Financial Digest (financialdigest.net)

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