UK fintech unicorn Revolut has increased its workforce by 20%, despite tech and fintech firms cutting staff at alarming rates over the past several months.
Bolstering its digital assets division, Revolut has been hiring across Europe and the US over H1 2022 , and has achieved considerable growth within the space.
Unlike a majority of its contemporaries, Revolut has avoided substantial staff cuts over a period of turbulence for the fintech sector and in response, has gone on to hire 43 people to its digital asset division, tripling its workforce from a year before.
Revolut is maintaining its dive into Web3 functions as it is seeking to further expand its workforce by advertising blockchain-related positions in compliance and financial crime prevention in the legal sector.
The UK fintechs hiring spree is of interest due to the sheer amount of staff cuts and layoffs circulating throughout the sector. Klarna, Curve, Shopify and a host of more fintech/tech companies have made significant cuts to their workforce due to the current economic issues that a majority of countries are suffering with.
According to TrueUp research, in January 2022, only 631 total tech/fintech employees were relieved. Figures then drastically rose to 21,507 in May, followed by 28,987 and 21,589 total dismissals in June and July respectively.
Revolut’s Digital Asset General Manager, Emil Urmanshin, attributes the firm’s ability to maintain its staff and add to it due to to Revolut’s expanding crypto plans, with Urmanshin stating to Bloomberg that they see “crypto as a long-term play and remain bullish on the industry”.
Urmanshin went on to reveal that digital assets make up for 5%-10% of Revolut’s revenue. The UK fintech revealed in its financial report last year that the company made $54m of its $361m revenue through the digital asset division.
“Although there has been turmoil, interest in crypto assets has increased and we still have more customers trading crypto than during July 2021,” Urmanshin added.
