Fintech Revolut Hires Behavioural Team to Improve Criticized Corporate Culture
The Guardian | Kalyeena Makortoff | Jan 16, 2023
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”.
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- 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.
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