Fintech firm Revolut is seeking to expand into 24 new markets after it entered into a new partnership with Visa Inc. The UK based digital banking app aims to disrupt the traditional banking system through its online services.
The firm, which boasts of more than 8 million customers in Europe and Australia, is seeking to venture in to Brazil, Japan, Russia, and the United States by the end of this year, with additional prospects of launching in other Latin American and Asian markets next year.
According to the firm’s Chief Executive Nikolay Storonsky, the expansion could lead to Revolut doubling or tripling its employees in the next year to almost 5,000 from the current 1,500 workers.
The partnership will also see at least 75% of all Revolut cards carry Visa branding.
However, the expansion plans are dependent on the firm receiving necessary regulatory approvals.
Revolut is a UK financial technology company that offers banking services including a prepaid debit card, currency exchange, cryptocurrency exchange, and peer-to-peer payments. Its mobile app supports spending and ATM withdrawals in 120 currencies and ending in 29 currencies directly from the app.