Revolut Seeks Israeli Talent for New Bank Amidst Hiring Blitz

British fintech giant Revolut is actively recruiting in Israel for various positions as it prepares to launch its new bank, having recently received a conditional banking license from the Bank of Israel. The company has posted ten open positions, indicating a need for experienced banking and regulatory professionals familiar with the Israeli financial system, as well as fraud investigators, operations staff, and cyber experts, some of whom may require only two to three years of experience. Among the key roles being filled are head of internal audit, requiring at least seven years of experience in regulated financial entities, and a risk manager with a minimum of five years' experience. A compliance manager focused on business clients, including account openings and business payments, is also sought, with five years of experience in banking, regulatory bodies, or law firms preferred.

While Revolut has not disclosed salaries for its Israeli roles, industry estimates for comparable positions in Israel suggest potential monthly gross salaries ranging from NIS 15,000 to NIS 22,000 for fraud and anti-money laundering analysts, NIS 22,000 to NIS 30,000 for risk managers, and NIS 35,000 to NIS 45,000 or more for senior finance, control, and management roles. These figures are estimates for the Israeli banking sector and may differ from Revolut's compensation policy, which could include additional components like stock options and restricted stock units, as part of a broad equity incentive program for its over 10,000 global employees. Recent secondary transactions have valued Revolut at approximately $115 billion.

Revolut Israel has already appointed two senior executives from the Israeli banking system: Uri Natan, former CEO of Bank Leumi's digital bank Pepper, as CEO, and Shmuel (Muli) Ben Zvi, former chairman of Bank Leumi, as chairman. The company is also looking for mid-to-senior level bankers for its retail credit division. Despite these moves, a senior banking source indicated that the Israeli banking system is on alert but does not yet see Revolut as a major threat to its workforce, expecting recruitment to be focused on the periphery. However, the source added that banks are prepared to compete for valuable employees. Israeli banks are currently undergoing efficiency improvements, including voluntary early retirement programs, which may make experienced personnel available. Revolut, as a "small bank," is not subject to the banker salary cap, allowing it to offer competitive compensation packages that could attract talent from traditional banks, especially younger, high-potential employees.

Industry insiders note that employee departures are often driven by a desire for new challenges rather than salary negotiations, and Revolut's hiring spree presents a significant opportunity. The article also mentions Tzachi Artzi's move to Naoy Credit Group with a substantial annual salary, highlighting the competitive compensation landscape outside traditional banking, though Revolut's focus on existing digital services may limit the need for a large number of very senior hires.