Revolut assembles behavioural team after criticism of its corporate culture #
After being criticized, Revolut assembles a behavioural team to improve the corporate culture. All this struggle is much needed for the company to receive an UK banking licence since the United Kingdom is one of the key territories the firm operates in.
On Friday, the company’s management unveiled a series of new initiatives designed to foster a more “human” approach to a contentious workplace that has reportedly driven away some employees. One of these initiatives was the creation of a new division that will include experts in psychology and behavioural science.
Nik Storonsky, co-founder and CEO of the company and a former banker at Lehman Brothers, will talk to all employees at a town hall meeting. He will talk about how important it is to be “inclusive,” “approachable,” and “respectful,” and how to give feedback in the “best tone of voice,” “time,” and “situation.”
After launching in 2015 as a prepaid card that allowed clients to freely switch currencies, Revolut has expanded at a rapid clip. Since then, the business has grown to employ more than 6,000 people in 37 countries and offer more than 50 goods and services, like travel insurance, vacation rentals, salary advances, layaway plans, and trading in cryptocurrencies.
It was previously estimated to be worth $33 billion in 2021, which was higher than NatWest at the time and prompted congratulations from Rishi Sunak, then chancellor, who said he wanted to see even more great British fintech success stories.
As of 2018, Revolut, led by Martin Gilbert, a former CEO of Standard Life Aberdeen, has obtained a banking licence from the European Union (EU) through Lithuania. If Revolut is able to get a UK licence, it will be able to keep the deposits of its British clients directly, rather than via a licenced partner, and generate revenue by making loans to those customers directly. The business is banking on the UK’s permission to persuade other governments to provide licences, including those in the US, Australia, and Japan.a