Revolut CEO, Nik Storonsky, has called on the government to create specialist visas for technology professionals. Revolut, the London based fintech company announced its plans to double its workforce in the UK in the next few months.
The risk to the ever-growing tech sector is the threat of the lack of talent coming into the UK.
Organisations and potential talent from Europe are waiting with bated breath for the outcome of negotiations between Brussels and the UK government:
Nik Storonksy said”
“When I settled in London thirteen years ago, I found a community that didn’t care where you came from. They were only interested in who you were and what you had to offer. It was at this point that I knew London would be the city that I would call home and the city where I would go on to start my own business.”
Right now, despite political uncertainty, there is still no doubt in Storonsky’s mind that London is the best place to build and grow a fintech start-up.
However, there’s a problem. Although it is not the only country to have a lack of homegrown talent, the UK has a particular lack of technical talent. Which is why–according to Storonsky–around 70% of our software engineers and data scientists are recruited from abroad.
The political uncertainty of Brexit, “the lengthy immigration processes and bureaucracy will only slow down the UK fintech industry’s growth and we risk losing out on the best talent to other EU countries such as Germany and France,” says Storonsky.
“We need to apply pressure on the UK government to introduce fast track visas for technology professionals, particularly in the areas of software development and data science. Such a move will give a much needed boost to the UK skills market and allow UK-based tech companies, such as Revolut, to create more jobs and scale our operations globally.”
As of this week, Revolut now has four million customers and is opening more than 10,000 new accounts daily.
Since July 2018, Revolut has boosted its Weekly Active Users from 400,000 to over 1.1 million.
Monthly Active Users have increased from 900,000 to 1.9 million in the same timeframe.
They are also processing over $7bn each month in transaction volumes, up from $4bn per month in July 2018.
As one of the fast-growing global fintechs, the company is close to launching in seven new international markets, with anticipated product launches this year including a commission-free trading platform, Robo-advisor and Kids app.
“While our current growth rate is really impressive for a three year old company, we are targeting 50,000 new accounts in Europe each day by the end of the year, and we’ll need to double our workforce here in London if we’re to achieve this goal,” continues Storonsky.
“For years now, we’ve been asking ourselves why the UK has not been producing as many global tech companies as the United States. In my opinion, it’ll be UK-based fintech companies who go on to achieve this status, but we’ll need fast and easy access to talent to do so.”
“Over the coming months, we’ll aim to gather wide scale support among the UK tech sector and actively engage in discussions with the relevant UK government departments. The Prime Minister has previously stated on record that boosting the UK technology sector is a key focus for the government, so I’m optimistic that we can find some common ground here.”