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Revolut’s Hungarian expansion: Hiring in progress for local branch
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Revolut, one of the world’s fastest-growing fintech companies, is taking concrete steps towards establishing a branch in Hungary. With over 1.5 million users already in the country, the company is now actively seeking professionals to build its local workforce, signalling a strong commitment to expanding its presence in the Hungarian market.
The expansion is official
For some time, Revolut has been delivering its services to Hungarian users from abroad. However, that is about to change as the company is now in the process of setting up a local office. The news was initially hinted at by Antoine Le Nel, Revolut’s Growth and Marketing Director, back in August 2023, and the company’s plans have now progressed further. According to a report by Revb.hu, the fintech company is currently recruiting staff for key roles in its future Hungarian branch. Positions like Legal Counsel and Regulatory Compliance Manager are being advertised on LinkedIn, and the company is on the lookout for skilled experts with significant experience in these fields.
Balázs Györffy, Revolut’s Manager of Expansion, also confirmed these developments on social media, stating that the company is working at full speed to establish its branch in Hungary. This move is part of the company’s broader global expansion, which includes efforts to enter other key markets, such as India.
Why a branch, not a subsidiary?
Revolut has clarified that they are opening a branch in Hungary, not a subsidiary. This strategic choice means that the company will not apply for a Hungarian banking license. Instead, the services provided to Hungarian customers will continue to operate under Revolut’s Lithuanian banking license. As a result, customer deposits will still be insured through Lithuania’s deposit protection scheme.
That said, opening a local branch will bring specific advantages for Hungarian users. For instance, Revolut plans to offer Hungarian IBAN numbers, simplifying salary transfers and local transactions. This could also enhance access to immediate domestic transfers, something currently limited by the international nature of Revolut’s operations. Additionally, the company will be providing Hungarian-speaking customer service, replacing the existing international support team.
