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Fintech Revolut Hires Behavioural Team to Improve Criticized Corporate Culture

Time Stamp: January 23, 2023 2:38 PM
Source Node: 2366428

Republished By Plato

January 23, 2023 Digital, NEO, Open Banking, Open Finance, Enterprise, FinTech and Alternative Finance, Fintech International, Innovation and Resources, Leadership, Productivity, Competition, Human Capital, Health, Venture Funding and Building

Fintech Revolut Hires Behavioural Team to Improve Criticized Corporate Culture

The Guardian | Kalyeena Makortoff | Jan 16, 2023

Image: Unsplash/Sophie Dupau

Britain’s most valuable fintech company, Revolut, is assembling a team to track whether staff are being “approachable” and “respectful”, as it tries to address criticism about an aggressive corporate culture and secure a UK banking licence.

No UK license (yet): While the crypto trading to payments company is valued at $33bn (£27bn) and boasts 25 million customers and 6,000 staff in offices stretching from London to Tokyo to São Paulo, it has so far lacked a UK licence that would bring the firm within regulated customer protection schemes.
In a company-wide town-hall meeting led by its joint founder and chief executive, the former Lehman Brothers banker Nik Storonsky, employees will be told they need to be “inclusive, approachable” and “respectful at all times”, and to use the “the best tone of voice, time and situation to provide feedback”.

See:

Revolut Chief Nikolai Storonsky Renounces Russian Citizenship, Condeming Ukraine Invasion

Revolut executive resigns amid growing tensions with the FCA over banking license

Problem culture: The move comes after a string of controversies over Revolut’s working environment in recent years, with some former staff claiming they were set unachievable targets in the name of the startup’s growth, forced to do unpaid work and put under severe pressure to the point where they eventually quit their jobs.
- widely reported issues around Revolut’s corporate culture, as well as its high staff-turnover, are understood to have been raised with Storonsky by board members who have been trying to convince the Financial Conduct Authority to approve the company’s UK banking licence application since early 2021.

Hannah Francis, the head of people experience at Revolut:

I wouldn’t say this is a straight reaction from regulatory discussions … This is more linked to our growth and how we’re changing and the feedback we were getting from our people. We really needed to shift and change.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Fintech Revolut Hires Behavioural Team to Improve Criticized Corporate Culture

Republished By Plato

Fintech Revolut Hires Behavioural Team to Improve Criticized Corporate Culture

Britain’s most valuable fintech company, Revolut, is assembling a team to track whether staff are being “approachable” and “respectful”, as it tries to address criticism about an aggressive corporate culture and secure a UK banking licence.

See:

Revolut Chief Nikolai Storonsky Renounces Russian Citizenship, Condeming Ukraine Invasion

Revolut executive resigns amid growing tensions with the FCA over banking license

I wouldn’t say this is a straight reaction from regulatory discussions … This is more linked to our growth and how we’re changing and the feedback we were getting from our people. We really needed to shift and change.

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