Despite thousands of tech layoffs, UK FinTech Revolut is looking to boost its team by almost 1,700 staff
In Brief:
London-based Revolut is bucking the trend caused by a bleak economic outlook. Yesterday it told the Evening Standard that it plans to onboard 1,700 new workers and took aim at other tech companies for making cutback
In the UK, FinTech startup Paddle and EV company Arrival have been among the high-profile British tech firms to scale back this year
The FinTech unicorn has been expanding its financial services as it looks to acquire a UK banking licence. While Revolut already operates as a bank in 10 European markets — including Belgium, Denmark, Finland, and Germany — the company is keen to secure regulatory approval in its home market
What does this mean?
Chris Yankson, Head of Recruitment at Revolut, said: “You have some tech companies who thought the revenue growth they saw during the pandemic was going to be constant but given current economic conditions they’ve discovered they’re a little overstretched. There has been a more cautious approach by British tech firms, who have taken a more measured strategy for recruiting new people and for whom increasing headcount isn’t seen as the only lever towards achieving growth.”
