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Revolut to hire 400 employees at new base in Portugal

British financial technology company Revolut Ltd. plans to hire 400 employees at its new base in Porto, Portugal, as part of a £4 million investment to boost customer service and improve its compliance operations, the Financial Times reported.

The new jobs will cover customer support, complaints, investigations and compliance, according to the FT. The hiring spree comes after the digital firm made several senior management appointments, including David MacLean and Richard Davies as CFO and COO, respectively. In July, Revolut was reported to be planning to name former Standard Life Aberdeen PLC co-CEO Martin Gilbert as its chairman.

Revolut, which has garnered more than six million clients since its launch in 2015, has faced criticism over its ability to deal with substantial customer growth, while concerns were raised about the quality of its compliance systems following a fraud probe over money transfer.

Meanwhile, Revolut, which was valued at $1.7 billion at a fundraising in 2018, intends to raise up to $500 million at a higher valuation before 2019-end, the FT noted.