Fintech company Revolut continues to expand its user and service reach in the online banking and cryptocurrency trading markets.
The company has announced plans to increase its headcount by an estimated 40 percent by 2024, CituAM reported.
Despite the general trend of service cuts and staff layoffs among large financial and technology companies, Revolut is steadily taking the lead in expanding its workforce.
The London-based online banking company hired 10,000 employees worldwide in April and plans to increase that number to 11,500 by the end of the year.
Revolut said most of the new positions are in sales, client support, and financial crime services. In the UK, for example, there are now more than 70 vacancies.
Francesca Carlesi, CEO of Revolut UK, commented, "Revolut continues to grow, and to ensure we can support this, it is vital that we attract the best talent from across the industry to join our workforce.
Revolut is poised to expand in both the UK and global markets with hundreds of new job openings, while its competitors are cutting back.
Other financial firms and technology companies in the sector have been forced to cut staff and are reportedly suspending hiring that resumed after being quarantined due to COVID-19.
Global banks laid off more than 60,000 employees last year, and 259 technology companies have had to lay off nearly 75,000 workers since the start of 2024. This is due to increased economic pressure and shrinking profits.
Revolut has also seen a decline in profits due to rising staff costs. However, the company is trying to diversify its revenue streams to generate more sustainable profits. In particular, the sales team, led by top executive TikTok since February, is implementing a "media strategy" and monetizing client data through advertising partnerships.
Revolut is expected to be the UK's most valuable fintech company in 2021, with a valuation of $33 billion, dropping to $18 billion in 2022 but rising to around $26 billion in 2023.
Revolut expects to become more profitable after receiving a UK banking license, which will allow it to offer products such as mortgages and credit cards to eight million UK clients.
