Fintech Revolut to create up to 400 jobs as revenues climb 433%

Digital banking firm Revolut saw its revenues skyrocket over 433% last year, although its books remained in the red.

The London-based fintech grew sales from £2.4m to £12.8m between January and December 2017, with monthly transaction volumes rising in the period from $200m to $1.5bn (c.£1.14bn).

Revolut also recorded a marked increase in its customer base, serving 1.3 million by the end of the year (compared with 450,000 at the same point in 2016).

But despite the treble-figure uptick in turnover, the company made an overall loss of £14.87m.

Revolut’s focus now is to continue breaking into new international markets and expand its customer support team.

2017 saw the firm double its workforce to more than 400 people and kick start its expansion into 10 overseas markets, which included an application for a European banking licence.

It is also pressing ahead with new products, including commission-free stock trading for European customers.

Nik Storonsky, Revolut’s founder and CEO, said: “In reality, we launched all of our money-making products through the course of that year, such as our Premium accounts in April, Business accounts in June and Cryptocurrency trading in December.

“Therefore I’m really pleased that we were able to increase our revenue by almost five times and treble our customer numbers in 2017.”

He continued: “Our growth is driven by putting the customer at the core of everything we do. In addition to offering the best spending analytics and cheapest foreign exchange on the market, our customers have come to trust that we will always innovate and disrupt the financial industry for their benefit, launching new and exciting products that’ll save them time and money.”

At this point in 2018, Revolut has almost three million users, with 7,000 new accounts opening every day. Its employee count has also climbed to 500 since the start of the year.

Nik continued: “The customer is at the core of everything we do here, one of the key areas of investment this year will be in hiring and training even more customer support agents.

“While we doubled the number of our support agents last year and made our service twenty-four seven, we’ll look to again double the the size of the team this year, and we’ll be opening a new customer support centre in a new European city by the end of this year.”

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