UK FinTech Revolut plans to create 400 jobs in Portugal, it has been revealed.
Revolut’s co-founders have stated that Portugal is emerging as a ‘key FinTech hub in Europe’.
The challenger bank has 250,000 customers in the country, with 1,000 new accounts opened there every day.
Ricardo Maciera has been appointed as growth manager, who will be responsible for developing its business in Portugal.
What does this mean?
Last year, FinTech transaction value in Portugal amounted to US$5.58bn. By 2022, this figure is expected to almost double to a total of US$9.93bn. That would be an annual growth rate of 12.2%, so it’s clear why Revolut has chosen to expand within the country. The company has exhibited strong growth recently, hitting 7mn customers, and this is only set to continue.