The expansion follows a deal with Visa that will expand Revolut’s current reach of Europe and Australia to the US and Singapore with plans for Canada and Japan to follow.
Chief executive and founder Nikolay Storonsky commented “We are around 1500 people now and by summer next year we plan to be around 5000,”
He went on to comment that Revolut’s average customer holds roughly 1000 euros, giving a total deposit balance of around 8 billion euros ($8.74 billion), which is minor when in comparison to global banking giants like HSBC and JPMorgan with trillion-dollar-plus deposit totals.
Despite this Revolutes quick expansion has taken the banking industry by storm as innovative Fintech is used to create apps, money management tools and beneficial foreign exchange that entices many customers. Recently Revolut launched Revolut Business.
With this large expansion, it has not all been smooth sailing for the company as it faced reports about a difficult work environment and questions from Britain’s financial watchdog concerning the company’s sanctions-checking systems.
Storonsky commented on the issues “We are a different company than we were two to three years ago, we’ve learned lessons,”
The company has goals of expanding even further, launching in Latin America and Asian markets but this will be subject to regulation with no set timeline set.