Revolut gains a strong foothold in Norway

(Press Release) Revolut London, 21 February 2018

London’s Revolut was founded less than 4 years ago, but today it announced that it has signed up over 4 million customers across Europe and is aiming to reach 100 million globally within the next four years. In order to achieve that, the fast-growing fintech is building a European Growth Machine that will help them scale at speed in every country where Revolut’s service is currently available, doubling the current workforce.

“We are supercharging our growth throughout Europe and pushing ahead with our plan to scale the business and help tens of millions of Europeans gain more control over their finances. We’ve believe that we’ve just scratched the surface. While our operations team is pressing ahead with international expansion and bringing Revolut to new markets around the world, we have decided to build a European Growth Machine that will help us scale faster in every country where our service is available.“

~ Nik Storonsky, CEO and Founder of Revolut.

Local teams

Revolut is aiming to build local teams in 19 countries throughout Europe, comprising of 5-10 person teams in each country. The fast-growing fintech will also build a UK-based central team to support the local teams, with the ambitious goal of hiring over 200 people over the next 6 months. For the Nordics, Revolut is now searching for the Regional Growth Manager, who will begin by assembling his team of Regional Marketing Manager, Regional PR Manager, Regional Business Development Manager and local Community Manager in each country. As of today, Espen Myklebust has been working as the Community Manager for Norway, with Hanna Johansson as the Community Manager for Sweden.

Growth figures

The London-based fintech has also released its latest growth figures, revealing that Revolut is now signing up over 10,000 new customers every day, compared to around 7,000 per day just six months ago. In addition, Revolut has boosted its Weekly Active Users (WAU) from 500,000 in July 2018 to over 1.2 million^[1] in February 2019, while Monthly Active Users (MAU) have increased from 900,000 to 1.9 million in the same timeframe. Revolut’s monthly transaction volume has also increased from $2.4 billion in July 2018 to over $4.6 billion per month.

Brexit

With Britain scheduled to leave the EU on March 29th, Nik Storonsky, CEO and Founder of Revolut, has voiced his concerns over the government’s lack of progress on the fast-tracking of visas for top tech talent. Revolut has been proactively working with government ministers on lobbying for a specialised visa for high calibre talent, for roles such as software engineers and data scientists, so that it is far easier for this kind of tech talent to get into the country.

“The UK fintech sector is greatly reliant on foreign talent, and Revolut is no different. If London still wants to retain its position as the go-to location for tech on the continent, the government haThe UK fintech sector is greatly reliant on foreign talent, and Revolut is no different. If London still wants to retain its position as the go-to location for tech on the continent, the government has to ensure that specialist and tech visas are fast-tracked and don’t become difficult to obtain. It makes no sense for the government to deny high-salaried, high tax-paying tech talent entry to the country to ensure that specialist and tech visas are fast-tracked and don’t become difficult to obtain. It makes no sense for the government to deny high-salaried, high tax-paying tech talent entry to the country,“

“It’s a no-brainer that bureaucratic processes, red tape and numerous delays will see tech talent choose to go elsewhere, especially with growing competition from tech hubs across Europe. The UK government has talked a great deal about supporting our successful fintech industry, but there seems to have been no real special accommodation made yet for businesses when it comes to visas.”

~ Storonsky

Global licencing team

Earlier this year Revolut also announced hiring a global licencing team that will be responsible for securing banking, trading and credit licences in new and existing markets, starting with the United Kingdom and the United States. The roles that make up the experienced core team will include a Capital, Liquidity and Financial Modelling Manager, a Licence Business Planning Manager, a Licence Project Manager for Banking, a Licence Project Manager for Trading and a Global Head of Licence Operations. This will allow Revolut to scale at speed as they expand globally in 2019, with a team focused solely on acquiring licences.

In addition to Revolut’s European ambitions, the banking challenger expects to launch in a number of global markets in the coming months, with launches in the US, Canada, Singapore, Japan, Australia and New Zealand planned in early 2019.

About Revolut

Revolut was launched in July 2015 by former Credit Suisse and Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko, as a digital alternative to the big banks. While the fintech initially drew in customers by letting them spend and transfer money abroad with the interbank exchange rate, the company has since attracted over 4 million customers in Europe with its spending overviews, budgeting controls, savings features and cryptocurrency exchange.

To date, Revolut has raised approximately $340 million in investments, from notable venture capital firms including Index Ventures, Ribbit Capital, Balderton Capital and DST Global. The high growth fintech is currently opening over 10,000 new current accounts each day and processing over $7 billion in volumes each month.

Revolut reaches 4M users, aims to build a European Growth Machine

Revolut reaches 4M users, just 3 months after reaching 3M users
Currently signing up over 10,000 new customers per day
Hiring local teams in 19 countries across Europe

Revolut website: https://www.revolut.com

^[1] WAU & MAU metric represents each time a customer makes a transaction, transfer or exchange within the app.