Revolut and Visa have entered into a new global deal, which will see the challenger bank hire about 3,500 staff as it expands into 24 new markets, the two companies announced this Monday.
According to a report from Reuters, the new deal between Visa and Revolut, which expands on the existing agreement between the two companies, will see Revolut open in eight new countries by the end of this year. This includes Brazil, Japan, Russia, and the United States.
Revolut, which is already operating in Europe and Australia, is also planning on launching in both Latin American and Asian markets next year. That’s according to the company’s CEO Nikolay Storonsky, who spoke to the news outlet. The fintech company’s expansion, however, is subject to regulatory approvals.
“We are around 1500 people now and by summer next year we plan to be around 5000,” Storonsky said. Not only is this partnership looking to increase Revolut’s staff, but also its customer base. According to Storonsky, the company could double or triple its customers in the next year.
The deal between the payments giant and British digital bank is not exclusive. Nonetheless, at least 75 percent of all Revolut cards will carry Visa branding as opposed to Mastercard Inc. and other rivals.
Since its launch in 2015, Revolut has experienced rapid growth. The company’s journey, however, has not been without its struggles. Namely, media reports came to light about a tough and cutthroat work culture, as well as concerns over the firm’s sanctions-checking systems.
“We are a different company than we were two to three years ago, we’ve learned lessons,” Storonsky told Reuters of those problems.
Today’s announcement comes not long after the UK company launched commission-free stock trading for its more than 8 million customers. The platform, which is built into Revolut’s existing mobile application, is being provided in conjunction with technology firm DriveWealth and the bank says it won’t be selling its clients’ order flow.