LONDON (Reuters) – the Uk-based digital banking app, Revolut set to hire around 3,500 employees and is expanding into 24 new markets and a new worldwide record deal with payments giant Mastercard Inc., the two companies said on Monday.
FILE PHOTO: An illustration picture shows a Revolut bank card in London, england on September 4, 2019. REUTERS/Kevin Coombs
Revolut, one of a breed of new, digital-only account that service providers are taking aim at the traditional, big banks have grown at a phenomenal rate since its launch in July of 2015, and now has more than 8 million customers.
The deal with Mastercard is expanding the existing agreement between the two companies and will see the Revolut expand the current markets in Europe and Australia, to be opened in eight new countries, including Brazil, Japan, Russia, and the United States of america, at the end of this year.
Revolut, it will then launch in other Latin American and Asian markets in the next year, the company’s chief executive and founder Nikolay Storonsky, told Reuters.
“We have around 1,500 people now and in the summer of next year, we plan to be around the 5,000 level,” he said.
With the expansion into new markets, it will be subject to the Revolut how to obtain the necessary approvals from the regulatory authorities.
The deal is not exclusive, but shows at least 75% of the Revolut the cards carry the Visa or branding, instead of rivals such as Visa Inc.,
The global press was able to see the Revolut two or three times that of its customers, in the following year, Storonsky he said.
He told Reuters that the Revolut-the average customer has close to 1000 euro on the account, a total deposit balance of approximately € 8 billion ($8.74 billion) and is currently a minnow in comparison to the global banking giants such as HSBC and JPMorgan, with a billion-dollar-plus deposit total.
However, along with it’s companion programs, Revolut and has shaken well-established banks into upping their digital-game, because the customers will flock to Fintechs, with their slicker apps, money management tools, and special offers on the foreign exchange.
Revolut rapid growth in the past few years without a hitch. Problems with reports in the media about an out of work, the culture, and the questions raised by the uk’s financial watchdog, earlier this year, the sanctions of the monitor of the system.
Revolut said at the time, it has never failed to comply with its legal or regulatory sanctions requirements.
Reuters reported in September that the clients who have been the victims of fraud, and were frustrated by the digital-banking in customer service, which was slow to respond, and offered the App to chat instead of a phone line.
“We’re a different company than we were two or three years ago, and we’ve learned a lot,” Storonsky to say, of those problems.
Reporting By Lawrence White; Editing by Kirsten Donovan