Revolut Forecasts Doubling Revenue To 2b By 2023
London-based digital bank Revolut, known for its rapid expansion, disclosed a significant correction in its employee count and pay scale in its 2022 annual report. Originally reported to have 4,655 employees in 2021, a revision cuts this number nearly in half to 2,365, aligning with a slight increase in 2022 to 4,657. This adjustment, as stated by Revolut, is part of its commitment to technical accuracy and consistent disclosure practices.
Despite the headcount correction, the report reveals a decline in average total compensation from £78k in 2021 to £62k in 2022, a shift attributed to the increasing number of hires in customer operations and sales. Customer operations alone more than doubled to 1,444 employees, constituting 31% of the total workforce, while sales staff grew over threefold to 495 individuals.
The move towards remote hiring is also highlighted, with approximately 50% of new hires in 2022 being remote, up from 36% in 2021. This trend contrasts with other fintech entities like Stripe that have favored office environments post-pandemic. As Revolut continues to expand, it’s targeting to add another 1,000 employees in 2023, potentially increasing its workforce to around 5,655, contingent on accurate reporting.
