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U.K. financial technology giant to hire 300 for new Dallas office as part of U.S. expansion

Dallas Morning News logo Dallas Morning News 5/4/2021 Natalie Walters, The Dallas Morning News

U.K.-based Revolut is betting on Dallas becoming a financial technology hub after picking the city for its third office in the U.S., after New York and San Francisco.

“Dallas is a brilliant market for hiring an educated workforce, and its tech scene is improving substantially,” said Revolut global head of sales Matthew Acton Davis.

The $5.5 billion fintech company started in 2015 and has amassed 15 million global customers. After raising close to $1 billion in investment, it broke even in 2020 and is now focused on reaching sustainable profitability. While it’s a household name in Europe, it didn’t come to the U.S. until March 2020 and has just 50 employees in the country. But it already boasts an impressive 200,000 U.S. customers.

The 2,500-employee company is embarking on a hiring spree this year. It aims to hire 1,000 sales employees in 2021, up from just 20 employees concentrated in the United Kingdom last year.

Three hundred of the new salespeople will work out of the Dallas office to sell the Revolut Business product. So far, Davis has hired two people for the Dallas location. He hopes to hire 100 in the next two months.

“They won’t just be focused on selling the product,” Davis said. “We just need to let people know the product is out there because we’re still relatively new in the U.S.”

Revolut hasn’t selected a physical office location in Dallas but has a flexible work-from-home policy, allowing employees to work from anywhere in the world for two months of the year.

The Dallas banking scene has grown more competitive in recent years. Just last week, San Antonio-based Frost Bank announced plans to add 25 locations in Dallas and Collin counties.

Davis said Revolut stands out because it’s a digital, cloud-based company with no branches. It also prides itself on doing away with the high fees legacy banks charge individuals and businesses. It’s banking on people tiring of extra fees and looking for an option where digital tools drive costs down.

“I don’t have much fear from legacy banks because we’ve grown so quickly in Europe by competing with them, so there’s not much concern facing off with the same competition in the U.S.,” Davis said.

Revolut wants to be the go-to app for consumers to manage all aspects of their financial life. Users can send and accept money from other users, hold and exchange more than 28 different currencies and get their salary two days early.

Fintech suffered during the past year as the pandemic led investors toward safer investments and legacy banks offered more digital tools to accommodate stay-at-home orders, according to the market research firm Mobility Foresights. The uncertainty means it’s likely there will be consolidation in the space. The market is expected to grow at a compound annual rate of about 20% over the next four years to hit $305 billion by 2025, according to Research and Markets.

In March, Revolut launched Revolut Business across all 50 states. It also submitted a draft application for a U.S. banking license, which would allow it to offer more services, such as loans, overdraft protection and deposit accounts. It previously submitted a U.K. bank license in January. Shortly after, Revolut announced a strategic partnership with the tech company Equifax, one of the three major consumer credit reporting agencies.

“2021 is going to be a huge year of growth for us,” Davis said. “The hiring of these first two people in Dallas is a small start to a large journey.”

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