The company aims to reach 11,500 staff by the end of the year.
It will focus on sales, customer support, and financial crime divisions.
In a move
that goes against the recent wave of layoffs in the financial and tech sectors, the London-based fintech firm Revolut has announced plans to increase its global
workforce by approximately 40% in 2024. The company, which recently surpassed
the 10,000-employee mark, aims to reach 11,500 staff by the end of the year.
Revolut Defies Industry
Trend, Plans 40% Staff Increase in 2024
Revolut's
expansion strategy will focus on bolstering its sales, customer support, and
financial crime divisions. Over 70 positions are currently available in the UK
alone.
Francesca
Carlesi, the CEO of Revolut UK, emphasized the importance of recruiting top talent
to support the company's continued growth: "We are delighted to
be expanding across our global markets, including the UK, with hundreds of new
roles across a range of specialties, all at a time when others are cutting
back."
Revolut has grown its headcount from 8000 at the start of the year to over 10,000 - and is aiming to employ another 1500 people by the end of the year(!)
Crazy numbers representing a 40% increase in one year when most other firms are making cut backs. 🤯https://t.co/5uuERGUcPA
This
announcement is a surprise, given the recent trend of job cuts and hiring
freezes among major financial and tech companies. Global banks slashed
more than 60,000 positions in 2023, while 259 tech firms have eliminated nearly
75,000 roles since the beginning of 2024, according to the Layoffs.fyi tracker.
Revolut's
ambitious hiring plans occurred despite the company's recent financial challenges.
In 2022, the firm reported a loss of £25 million due to increased administrative expenses, including staff wages, which resulted from doubling its global
headcount to 6,000 during the year.
Revolut is
exploring new ways to maintain sustainable profitability, which includes
developing a media strategy focused on generating revenue by leveraging
customer data for advertising partnerships. This was expected to generate $370 million by 2026 from ads.
The
company's valuation has fluctuated in recent years, reaching a peak of $33 billion
in 2021 before dropping to as low as $18 billion in 2022. However, by the end
of last year, Schroders' implied valuation had risen to around $26 billion.
Securing a
UK banking license from the local regulators would significantly boost Revolut's profitability, enabling the firm to offer products such as
mortgages and credit cards to its customer base in the UK. The process usually
takes about a year, but in the case of Revolut, it has already been dragging on
for three years.
In a move
that goes against the recent wave of layoffs in the financial and tech sectors, the London-based fintech firm Revolut has announced plans to increase its global
workforce by approximately 40% in 2024. The company, which recently surpassed
the 10,000-employee mark, aims to reach 11,500 staff by the end of the year.
Revolut Defies Industry
Trend, Plans 40% Staff Increase in 2024
Revolut's
expansion strategy will focus on bolstering its sales, customer support, and
financial crime divisions. Over 70 positions are currently available in the UK
alone.
Francesca
Carlesi, the CEO of Revolut UK, emphasized the importance of recruiting top talent
to support the company's continued growth: "We are delighted to
be expanding across our global markets, including the UK, with hundreds of new
roles across a range of specialties, all at a time when others are cutting
back."
Revolut has grown its headcount from 8000 at the start of the year to over 10,000 - and is aiming to employ another 1500 people by the end of the year(!)
Crazy numbers representing a 40% increase in one year when most other firms are making cut backs. 🤯https://t.co/5uuERGUcPA
This
announcement is a surprise, given the recent trend of job cuts and hiring
freezes among major financial and tech companies. Global banks slashed
more than 60,000 positions in 2023, while 259 tech firms have eliminated nearly
75,000 roles since the beginning of 2024, according to the Layoffs.fyi tracker.
Revolut's
ambitious hiring plans occurred despite the company's recent financial challenges.
In 2022, the firm reported a loss of £25 million due to increased administrative expenses, including staff wages, which resulted from doubling its global
headcount to 6,000 during the year.
Revolut is
exploring new ways to maintain sustainable profitability, which includes
developing a media strategy focused on generating revenue by leveraging
customer data for advertising partnerships. This was expected to generate $370 million by 2026 from ads.
The
company's valuation has fluctuated in recent years, reaching a peak of $33 billion
in 2021 before dropping to as low as $18 billion in 2022. However, by the end
of last year, Schroders' implied valuation had risen to around $26 billion.
Securing a
UK banking license from the local regulators would significantly boost Revolut's profitability, enabling the firm to offer products such as
mortgages and credit cards to its customer base in the UK. The process usually
takes about a year, but in the case of Revolut, it has already been dragging on
for three years.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24