Insights

Revolut to Increase Global Headcount by 40% in 2024

by Damian Chmiel

  • The company aims to reach 11,500 staff by the end of the year.
  • It will focus on sales, customer support, and financial crime divisions

revolut card

In a move that goes against the recent wave of layoffs in the financial and tech sectors, London-based fintech firm Revolut has announced plans to increase its global workforce by approximately 40% in 2024. The company, which recently surpassed the 10,000-employee mark, aims to reach 11,500 staff by the end of the year.

Revolut Defies Industry Trend, Plans 40% Staff Increase in 2024

Revolut’s expansion strategy will focus on bolstering its sales, customer support, and financial crime divisions. Over 70 positions are currently available in the UK alone.

Francesca Carlesi, CEO of Revolut UK, emphasized the importance of recruiting top talent to support the company’s continued growth, stating, “We are delighted to be expanding across our global markets, including the UK, with hundreds of new roles across a range of specialties, all at a time when others are cutting back.”

Revolut has grown its headcount from 8000 at the start of the year to over 10,000 – and is aiming to employ another 1500 people by the end of the year(!)

Crazy numbers representing a 40% increase in one year when most other firms are making cut backs. 🤯https://t.co/5uuERGUcPA

— Gordon Gekko (@ownsomeshares) April 24, 2024

This announcement is a surprise, given the recent trend of job cuts and hiring freezes among major financial and tech companies. Global banks slashed more than 60,000 positions in 2023, while 259 tech firms have eliminated nearly 75,000 roles since the beginning of 2024, according to the Layoffs.fyi tracker.

Recently, Jack Dorsey’s fintech, the payments and crypto company Block, decided to make significant cuts, planning to reduce 12,000 jobs in 2024.

The deteriorating condition of the fintech industry, including in the UK, is evidenced by the latest reports on the sector’s financing. According to Tracxn data, funding for tech startups in the UK fell by 63% in 2023 to $4.2 billion.

Source: Tracxn

Source: Tracxn

Ambitious Plans vs Financial Challenges

Revolut’s ambitious hiring plans come despite the company’s recent financial challenges. In 2022, the firm reported a £25 million loss due to increased administrative expenses, including staff wages, which resulted from doubling its global headcount to 6,000 during the year.

Revolut is exploring new ways to maintain sustainable profitability, which includes developing a media strategy focused on generating revenue by leveraging customer data for advertising partnerships. This was expected to generate $370 million by 2026 from ads.

The company’s valuation has fluctuated in recent years, reaching a peak of $33 billion in 2021 before dropping to as low as $18 billion in 2022. However, by the end of last year, Schroders’ implied valuation had risen to around $26 billion.

Securing a UK banking license from the local regulators would significantly boost Revolut’s profitability, enabling the firm 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 the case of Revolut, it has already been dragging on for three years.

In a move that goes against the recent wave of layoffs in the financial and tech sectors, London-based fintech firm Revolut has announced plans to increase its global workforce by approximately 40% in 2024. The company, which recently surpassed the 10,000-employee mark, aims to reach 11,500 staff by the end of the year.

Revolut Defies Industry Trend, Plans 40% Staff Increase in 2024

Revolut’s expansion strategy will focus on bolstering its sales, customer support, and financial crime divisions. Over 70 positions are currently available in the UK alone.

Francesca Carlesi, CEO of Revolut UK, emphasized the importance of recruiting top talent to support the company’s continued growth, stating, “We are delighted to be expanding across our global markets, including the UK, with hundreds of new roles across a range of specialties, all at a time when others are cutting back.”

Revolut has grown its headcount from 8000 at the start of the year to over 10,000 – and is aiming to employ another 1500 people by the end of the year(!)

Crazy numbers representing a 40% increase in one year when most other firms are making cut backs. 🤯https://t.co/5uuERGUcPA

— Gordon Gekko (@ownsomeshares) April 24, 2024

This announcement is a surprise, given the recent trend of job cuts and hiring freezes among major financial and tech companies. Global banks slashed more than 60,000 positions in 2023, while 259 tech firms have eliminated nearly 75,000 roles since the beginning of 2024, according to the Layoffs.fyi tracker.

Recently, Jack Dorsey’s fintech, the payments and crypto company Block, decided to make significant cuts, planning to reduce 12,000 jobs in 2024.

The deteriorating condition of the fintech industry, including in the UK, is evidenced by the latest reports on the sector’s financing. According to Tracxn data, funding for tech startups in the UK fell by 63% in 2023 to $4.2 billion.

Source: Tracxn

Source: Tracxn

Ambitious Plans vs Financial Challenges

Revolut’s ambitious hiring plans come despite the company’s recent financial challenges. In 2022, the firm reported a £25 million loss due to increased administrative expenses, including staff wages, which resulted from doubling its global headcount to 6,000 during the year.

Revolut is exploring new ways to maintain sustainable profitability, which includes developing a media strategy focused on generating revenue by leveraging customer data for advertising partnerships. This was expected to generate $370 million by 2026 from ads.

The company’s valuation has fluctuated in recent years, reaching a peak of $33 billion in 2021 before dropping to as low as $18 billion in 2022. However, by the end of last year, Schroders’ implied valuation had risen to around $26 billion.

Securing a UK banking license from the local regulators would significantly boost Revolut’s profitability, enabling the firm 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 the case of Revolut, it has already been dragging on for three years.

Damian Chmiel

  • 1379 Articles
  • 28 Followers

Damian’s adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

  • 1379 Articles
  • 28 Followers

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    Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience. 20-22 MAY 2024 Sandton Convention Center, Sandton, South Africa Register now to secure your spot: https://bit.ly/3JbUpCK #fmas #fmas24 #fmevents #networking #finance #africa

    Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience. 20-22 MAY 2024 Sandton Convention Center, Sandton, South Africa Register now to secure your spot: https://bit.ly/3JbUpCK #fmas #fmas24 #fmevents #networking #finance #africa

    Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience. 20-22 MAY 2024 Sandton Convention Center, Sandton, South Africa Register now to secure your spot: https://bit.ly/3JbUpCK #fmas #fmas24 #fmevents #networking #finance #africa

    Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience. 20-22 MAY 2024 Sandton Convention Center, Sandton, South Africa Register now to secure your spot: https://bit.ly/3JbUpCK #fmas #fmas24 #fmevents #networking #finance #africa

    Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience. 20-22 MAY 2024 Sandton Convention Center, Sandton, South Africa Register now to secure your spot: https://bit.ly/3JbUpCK #fmas #fmas24 #fmevents #networking #finance #africa

  • Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast

    Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast

    Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast

    Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast

    Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast

    Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast

    Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin. We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls. Tune in for expert analysis on the future of trading and innovative funding models. The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply. This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

    Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin. We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls. Tune in for expert analysis on the future of trading and innovative funding models. The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply. This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

    Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin. We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls. Tune in for expert analysis on the future of trading and innovative funding models. The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply. This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

    Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin. We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls. Tune in for expert analysis on the future of trading and innovative funding models. The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply. This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

    Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin. We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls. Tune in for expert analysis on the future of trading and innovative funding models. The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply. This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

    Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin. We’re discussing the challenges and shifts caused by MetaQuotes’ pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls. Tune in for expert analysis on the future of trading and innovative funding models. The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply. This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

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