The $5.5 billion fintech startup Revolut is looking to enter the Indian market this year. And as the Britain-based banking app marks its debut in the country, it may have up to 200 jobs up for grabs.
“I am amazed at the quality of talent in India,” co-founder of Revolut, Nikolay Storonsky, told Business Insider in an exclusive interview. “We’re actually hiring around 200 people in India at the moment.”
Despite announcing its plans to expand into new markets amid the pandemic, Storonsky is confident that Revolut will be able to take on India’s competitive environment. According to him, the startup offers unique services that aren’t available on any other platform like commission-free stock trading and international money transfers without any charge.
Moreover, India isn’t the only market Revolut is betting on. In October 2019, the company announced that it would be expanding into 24 new markets and adding around 3,500 people to its staff. This would bring its headcount from 1,500 to around 5,000.
Revolut’s employment practices have been called into question in the past
A burgeoning fintech startup has often been lauded as ‘the place to be’ for freshers looking to hone their skills and gain extensive experience. However, working in the startup world is not without its uncertainties.
An investigation by Wired in 2019 revealed that all may not be well within Revolut’s work culture. Their report alleged that there was evidence of unpaid work, high staff turnover and employees being forced to work on weekends in order to meet performance targets.
And, things apparently went from bad to worse during the COVID-19 pandemic. More than 50 people within Revolut’s staff claimed that they had been told to either quit their jobs voluntarily or be fired in Poland and Portugal, according to another report by Wired last year.
These reports may suggest that the high-pressure environment may not be everyone’s cup of tea but certain types of employees thrive in such an environment.
The people who can cut it, work with some of the best engineers and the product development is fast, employees told Sifted. Even those who stick around for a short period of time are able to use the experience as a stepping stone to get somewhere else.