Since its launch, BVNK has increased its headcount by 300%, from 40 to 160 people, and plans to increase it to 250 in the next 12 months.
The new employees will work all over the world, and more than half of them will be related to product and development. Also, as they enter new markets, they will attract people to work with local regulatory authorities.
The company has already begun expansion into North America, where it has hired several local product and development specialists.
“Most likely, this is a bet on winning by capturing the market.
Now it is cheap to expand, while the cryptocurrency is not so popular, and thus the number of competitors with capital will be less. The project relies on a multi—factor platform that requires significant cash reserves,” commented a fintech investor who wished to remain anonymous.
For a European fintech startup that has been in existence for the first year, this is an unusually large-scale development plan and, of course, a rare tactic in the bear market of 2022.
But in fact, the history of BVNK began five years earlier.