Revolut announces 24-country global expansion strategy with 3,500 new hires as it switches to Visa

By Oliver Smith on Monday 30 September 2019

Digital Banking

CEO Nikolay Storonsky plans to grow Revolut to "around 5,000" staff by summer 2020.

Revolut announces 24-country global expansion strategy with 3,500 new hires as it switches to Visa
Image source: Revolut CEO Nikolay Storonsky.

Revolut plans to launch in as many as 24 new markets and hire 3,500 new staff, powered by a new partnership with payment services giant and card issuer Visa.

The news came as Europe’s biggest challenger banking service announced this morning it will “primarily” issue Visa-branded cards during the next stage of its global expansion.

The news comes after London-based fintech Dozens surprised by switching from Mastercard to Visa earlier this month, starting a suspicion that the world's second-largest card payment organization was fighting back against the tide of fintech challengers issuing Mastercards.

Revolut also revealed that Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the United States are next on its list for global expansion, and could later launch in Argentina, Chile, Colombia, Hong Kong, India, Indonesia, Korea, Malaysia, Mexico, Philippines, Saudi Arabia, South Africa, Taiwan, Thailand, Ukraine and Vietnam thanks to its Visa partnership.

“The new global agreement with Visa is timely for Revolut as we move into a number of new markets to offer even more consumers the control, flexibility and innovative features that our European customers have been benefiting from for years,” said Nikolay Storonsky, CEO and Founder of Revolut.

The news came along with Storonsky revealing a huge hiring surge over the next 12 months.

“We are around 1,500 people now and by summer next year we plan to be around 5,000,” Storonsky told Reuters.

UPDATE 30-09-2019 - Amended to clarify that Revolut's Visa partnership could let them launch in up to 24 markets, only 8 of which have been confirmed so far.

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