TECHNOLOGY
“ Revolut has weathered market volatility in the past and continued to grow at pace . The difference for us is our diversified offering ”
ANDRÉ SILVA HEAD OF INTERNATIONAL EXPANSION , REVOLUT
A changed market The current economic climate for fintechs could not be a sharper contrast to that of a year ago . In 2021 , the global growth of fintech dropped sharply . According to a report of global fintech growth for 2022 by CB Insights , fintech funding in Q2 ’ 22 hit its lowest level since Q4 ’ 20 . Indeed , overall , funding fell 33 % quarter-over-quarter ( QoQ ) and 46 % year-over-year ( YoY ) to $ 20.4bn
Data shows deals also fell 17 % QoQ to 1,225 in Q2 ’ 22 . Both funding and deals dropped to their lowest quarterly level since 2020 as investors pulled back on funding fintech startups amid market volatility .
Revolut is one fintech decacorn that has continued to thrive despite the recent economic change of market circumstances . The neobank recently joined forces with fellow fintech heavyweight Stripe , with Stripe ’ s technology supporting Revolut ' s payments in Europe and facilitating expansion .
Speaking to Fintech magazine , André Silva , Head of International Expansion for Revolut says the bank was strategising by focusing on the customer and their needs in tandem with a datadriven approach . “ This allows us to deliver the best product and has attracted 20 million retail customers to Revolut in seven years . From the very beginning , Revolut has hired the best talent . We continue to hire exceptional people globally and recently surpassed 5,000 employees .”