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Avoid the miserable working climate that Revolut is having

Miserable working climate at the fintech company Revolut?

The technology magazine Wired reports on hair-raising working conditions at the banking app provider Revolut. In the fintech company from Great Britain prevail a harsh tone and a high turnover rate.

Applicants should work for free

As early as October 2018, Revolut had made negative headlines when the Spanish online newspaper Eldiario reported on recruiting practice, which implied that applicants had been required to work for free. Whoever made it to the first round of the application process, was asked after an interview to acquire 200 new Revolut users within a week. If you passed this test, you would have made it to the second round of selection. The applicants did not receive any money for their acquisition activity.

A high turnover rates at Revolut

This, too, could be a sign of poor working conditions at the fintech company. An analysis of 147 linkedin profiles of former Revolut employees revealed that more than 80 percent of these individuals had worked for the company for less than a year. More than half of the employees would have left the company within six months.

Concretely,  the country managers for Germany, Ireland, Italy, the Netherlands and Spain, who only worked for Revolut for a year or less. A former employee also reports that bullying by executives was the order of the day.

One of the country managers would have said that he worked for Revolut every hour he was awake – even on weekends. In the spring of 2018, there was an announcement by Revolut chief Nikolay Storonsky, according to which everyone would be fired without further negotiations, which was “well below expectations.”

Allegedly money laundering control system shut down

The newspaper “The Telegraph” had only reported in February 2019 that the editorial board would have documents showing that between July and September 2018 an automated system had been turned off at Revolut, with the actually questionable financial transactions should be detected.

Revolut Chief Executive Nikolay Storonsky said in the “Revolut Blog” that they tested in July 2018, a new control system. Since this did not meet the expectations, one would have resorted to the existing system temporarily. “At no time during this time have we not met our legal or regulatory requirements. We thoroughly reviewed all transactions completed during this period. This confirmed that there were no violations, “explains Storonsky. In particular, they did not violate money laundering rules.

Also published on Medium.

Published inFintech

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