Revolut reveals new agreement with Visa, set to hire 3,500
UK fintech Revolut has made a new agreement with Visa to expand its business into eight new countries.
The firm is set to hire 3,500 new staff according to Reuters and is on the lookout for eight new CEOs.
Jumping off its current market presence in Europe and its beta test in Australia, Revolut its looking to bring its offering to Brazil, Japan, Russia, the US, Singapore, New Zealand and Canada by the end of this year.
Next year Revolut will look at Latin American and Asian markets, including Argentina, India, Mexico, Saudi Arabia and Korea, as well as South Africa.
“Revolut has made great strides in delivering innovative and unique experiences to consumers in Europe,” says Visa’s chief product officer Jack Forestell.
He adds: “With Visa being accepted at nearly 54 million merchant locations across more than 200 countries, we have the scale, experience and expertise to help fintechs like Revolut go global.”
The agreement will see Revolut integrate with Visa’s APIs, offer an interbank exchange with 29 currencies and cryptocurrencies, as well as peer-to-peer (P2P) payments with bill-splitting capabilities.
As per the agreement, Revolut will primarily issue existing partner Visa’s branded cards, as it has been doing since July 2017.
Looking ahead, the fintech plans to treble its workforce, going from its 1500-person team now to a 5000-person team by next summer.