Revolut Aims to Increase Global Workforce by 40% by 2024
In contrast to the recent wave of layoffs in the finance and technology sectors, London-based fintech company Revolut has announced plans to increase its global workforce by around 40% in 2024. The company, which recently surpassed the 10,000-employee mark, aims to employ 11,500 people by the end of the year.
Revolut’s expansion strategy will focus on strengthening its sales, customer support, and financial crime departments. There are currently over 70 positions available in the UK alone.
Francesca Carlesi, CEO of Revolut UK, stressed the importance of recruiting the best talent to support the company’s continued growth: “We are delighted to be expanding across our global markets, including the UK, and creating hundreds of new roles across a range of specialist areas – at a time when others are laying off staff.”
Revolut has increased its headcount from 8,000 at the start of the year to over 10,000 - and aims to hire a further 1,500 people by the end of the year. (Source: Twitter post from Gordon Gekko)
Given the recent trend of layoffs and hiring freezes at major financial and technology companies, this announcement comes as a surprise. According to tracker Layoffs.fyi, global banks have cut more than 60,000 jobs in 2023, while 259 tech companies have cut nearly 75,000 jobs since the beginning of 2024.
Recently, Jack Dorsey’s fintech company, the payments, and crypto company Block, decided on significant cuts and plans to cut 12,000 jobs in 2024.
The deteriorating situation of the fintech industry including in the UK is evidenced by the latest reports on funding in the sector. According to data from Tracxn, funding for tech startups in the UK has fallen by 63% to $4.2 billion in 2023. (Source: Image and graph from AskFX.com)
Revolut’s ambitious hiring plans have been implemented despite the company’s recent financial challenges. In 2022, the company reported a loss of £25 million due to increased administrative costs, including staff salaries, resulting from doubling its global headcount to 6,000 during the year.
Revolut is exploring new ways to maintain sustainable profitability, including developing a media strategy focused on generating revenue by leveraging customer data for advertising partnerships, which aims to generate $370 million from ads by 2026.
The company’s valuation has fluctuated in recent years, peaking at $33 billion in 2021 before falling to as low as $18 billion in 2022. However, by the end of last year, Schroders’ implied valuation had risen to around $26 billion.
Obtaining a UK banking license from local regulators would significantly increase Revolut’s profitability and allow it 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 Revolut’s case, it has been dragging on for three years.Carlesi, CEO of Revolut UK, stated: “We are excited to be expanding in our global markets, including the UK, with hundreds of new roles across a range of specialist areas, at a time when others are cutting staff.”[increase your financial knowledge with Fiserv]Fiserv’s net income increased by 30% in early 2024.
Wall Street never sleeps: NYSE explores 24/7 trading.
Nium and Artajasa join forces to facilitate cross-border payments in Indonesia.
Elon Musk wants to turn X into your alternative to a bank account.Elon Musk wants to turn X into your alternative to a bank account
FinTech
-
How Walmart is quietly building its own financial kingdom
How Walmart is quietly building its own financial kingdom
How Walmart is quietly building its own financial kingdom
How Walmart is quietly building its own financial kingdom
How Walmart is quietly building its own financial kingdom
How Walmart is quietly building its own financial kingdom
How Walmart is quietly building its own financial kingdom
How Walmart is quietly building its own financial kingdom
How Walmart is quietly building its own financial kingdom
How Walmart is quietly building its own financial kingdom
-
Pixels and Pennies: The Looming Conflict Between Gamers and the Payments Industry
Pixels and Pennies: The Looming Conflict Between Gamers and the Payments Industry
Pixels and Pennies: The Looming Conflict Between Gamers and the Payments Industry
Pixels and Pennies: The Looming Conflict Between Gamers and the Payments Industry
Pixels and Pennies: The Looming Conflict Between Gamers and the Payments Industry
Pixels and Pennies: The Looming Conflict Between Gamers and the Payments Industry
Pixels and Pennies: The Looming Conflict Between Gamers and the Payments Industry
Pixels and Pennies: The Looming Conflict Between Gamers and the Payments Industry
Tuesday, 04/23/2024 | 16:00 GMT
Pay Later
-
Why Split Payments Will Shake the Credit Card Empire
Why Split Payments Will Shake the Credit Card Empire
Why Split Payments Will Shake the Credit Card Empire
Why Split Payments Will Shake the Credit Card Empire
Why Split Payments Will Shake the Credit Card Empire
Why Split Payments Will Shake the Credit Card Empire
Why Split Payments Will Shake the Credit Card Empire
Tuesday, 04/23/2024 | 16:00 GMT
Revolut Card
Revolut set to generate $370 million from ads by 2026
-
Revolut set to generate $370 million from ads by 2026
Revolut set to generate $370 million from ads by 2026
Revolut set to generate $370 million from ads by 2026
Revolut set to generate $370 million from ads by 2026
Revolut set to generate $370 million from ads by 2026
Tuesday, 04/23/2024 | 10:13 GMT
Stablecoin
Stablecoins: The Federal Reserve’s Path to Taming the Wild West of Cryptocurrencies
Stablecoins: The Federal Reserve’s Path to Taming the Wild West of Cryptocurrencies
Stablecoins: The Federal Reserve’s Path to Taming the Wild West of Cryptocurrencies
-
Stablecoins: The Federal Reserve’s Path to Taming the Wild West of Cryptocurrencies
Stablecoins: The Federal Reserve’s Path to Taming the Wild West of Cryptocurrencies
Monday, 04/22/2024 | 16:00 GMT
QR Codes
How a Cracked Square Could Spark a Payments Renaissance
How a Cracked Square Could Spark a Payments Renaissance
How a Cracked Square Could Spark a Payments Renaissance
How a Cracked Square Could Spark a Payments Renaissance
How a Cracked Square Could Spark a Payments Renaissance
How a Cracked Square Could Spark a Payments Renaissance
-
How a Cracked Square Could Spark a Payments Renaissance
Monday, 04/22/2024 | 16:00 GMT
Buy Now, Pay Later
How Walmart Is Quietly Building Its Own Financial Kingdom
How Walmart Is Quietly Building Its Own Financial Kingdom
Tuesday, 04/23/2024 | 16:00 GMT
Online gaming payments
Pixels and pennies: The looming conflict between gamers and the payments industry
Pixels and pennies: The looming conflict between gamers and the payments industry
rnrn
Get ready to mark your calendars for FMAS:24, which is back in May! Take a sneak peek at what to expect from 20-22 May 2024 at the Sandton Convention Centre in Sandton, South Africa. Don’t miss this 5-second invite full of energy and urgency! Get your free ticket now 🔗 https://events.AskFX.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D #fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica 📣 Stay up to date with the latest developments in finance and trading! Follow FMevents on our social media platforms for news, insights and event updates. Get in touch with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/AskFX-events/ 👍 Facebook: https://www.facebook.com/AskFXEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: Subscribe to our YouTube channel for more!
https://www.youtube.com/@AskFX_official Don’t miss our latest videos, interviews and event coverage. Subscribe to our YouTube channel for more!Here’s a sneak peek of the vibrant atmosphere of FMAS:24! Join us at Africa’s premium finance event for a transformative experience that combines the best of finance and technology. From 20-22 May 2024, the Sandton Convention Centre in Sandton, South Africa will be the meeting place for over 3,500 attendees who will enjoy unprecedented networking opportunities, learn from over 150 industry-leading speakers and explore innovations from over 120 exhibitors. Get your free ticket now! Stay up to date with the latest developments in finance and trading! Follow FMevents on our social media platforms for news, insights, and event updates. Connect with us today! Subscribe to our YouTube channel for more!Join over 3500 attendees at FMAS:24 | Africa’s Premium Finance Event. Meet over 3500 attendees at FMAS:24 | Africa’s Premium Finance Event, and looking to expand your network in #Africa? Meet over 3500 attendees at FMAS:24 where e-commerce, fintech, payments and crypto converge! Connect with industry leaders and innovators for an unparalleled networking experience. 20-22 MAY 2024, Sandton Convention Center, Sandton, South Africa. Register now to secure your place: https://bit.ly/3JbUpCK #fmas #fmas24 #fmevents #networking #finance #africaStay up to date with the latest developments in finance and trading! Follow AskFX for news, insights, and event updates on our social media platforms. Connect with us today:LinkedIn: https://www.linkedin.com/company/AskFX/Facebook: https://www.facebook.com/AskFX/Instagram: https://www.instagram.com/AskFX_officialTwitter: https://twitter.com/AskFX/RSS Feed: https://www.AskFX.com/feed/Telegram: https://t.me/AskFXnewsDon’t miss our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!Subscribe to our YouTube channel for more! Subscribe to our YouTube channel for more! Subscribe to our YouTube channel for more! Subscribe to our YouTube channel for more!#fmevents #networking #finance #africa
Explore the turbulent world of proprietary trading in this AskFX podcast episode with insights from Greg Rubin, Head of Axi Select. We discuss the challenges and changes caused by MetaQuotes’ crucial decisions affecting MT4 and MT5 users and how Axi Select offers a unique, realistic path to professional trading, avoiding the pitfalls of traditional prop firms. Tune in to hear expert analysis on the future of trading and innovative funding models. The Axi Select program is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment losses. In our dealings with you, we act as the main counterparty for all your positions. This content is not available to residents of Australia, New Zealand, the EU and the UK. Please see our Terms of Service for more information. Standard trading fees apply. This content is for general information purposes only and should not be construed as financial product advice or investment recommendations. It has been prepared without taking into account your personal circumstances. 📣 Stay up to date with the latest developments in finance and trading! Follow AskFX for news, insights and event updates on our social media platforms. Connect with us today: 🔗 LinkedIn, Facebook, Instagram, Twitter, RSS Feed, Telegram Don’t miss our latest videos, interviews and event coverage. Subscribe to our YouTube channel for more!🔔 Subscribe to our YouTube channel for more!
Explore the turbulent world of prop trading with insights from Greg Rubin, Head of Axi Select, in this AskFX podcast episode. We discuss the challenges and changes caused by MetaQuotes’ crucial decisions for MT4 and MT5 users and how Axi Select offers a unique, realistic path to professional trading, avoiding the pitfalls of traditional prop firms. Tune in to hear expert analysis on the future of trading and innovative funding models. The Axi Select program is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment losses. In our dealings with you, we act as the main counterparty for all your positions. This content is not available to residents of Australia, New Zealand, the EU and the UK. Please see our Terms of Service for more information. Standard trading fees apply. This content is for general information purposes only and should not be construed as financial product advice or investment recommendations. It has been prepared without taking your personal circumstances into account. 💱 Stay up to date with the latest developments in finance and trading! Follow AskFX for news, insights and event updates on our social media platforms. Connect with us today: 💼 LinkedIn: https://www.linkedin.com/company/AskFX/ 👍 Facebook: https://www.facebook.com/AskFX/ 📈 Instagram: https://www.instagram.com/AskFX_official ❤️ (Twitter): https://twitter.com/AskFX/ 📡 RSS Feed: https://www.AskFX.com/feed/ ▶️ Telegram: https://t.me/AskFXnews Don’t miss our latest videos, interviews and event coverage. 📺 Subscribe to our YouTube channel for more!📺
