The Lithuanian-registered company now stands accused of losing a key executive in controversial circumstances, disabling a money laundering protection and enforcing a toxic workplace culture.
The Daily Telegraph this week revealed that for three months last year Revolut switched off an automated system designed to stop dubious money transfers. As a result, thousands of illegal transactions may have passed through the bank between July and September 2018.
Revolut launched an internal investigation in late 2018 after a whistleblower contacted its board. It admitted the failings in a letter to the UK FCA, which was seen by the Telegraph although the FinTech later claimed it was a draft and “never sent”.
Also this week, the Telegraph reported that Chief Financial Officer Peter O’Higgins, who joined in 2016 after 12 years at JP Morgan, had resigned in January.
Oh, and there was also the small matter of an in-depth report in Wired. This revealed that former Revolut employees said its high-speed growth had come at a high human cost – with unpaid work, unachievable targets and considerable staff turnover.
To cap off a truly terrible week, Iona Bain, a personal finance blogger, took to Twitter to announce…
Everything that has happened in the past 24 hours has encouraged me to come forward & explain why my tweets showing Revolut employees' response (e.g. "f*** off") to criticism of its ads, sent to me by a whistleblower, were removed. We won't be kept down. https://t.co/o36DXTp89b
— Iona Bain (@ionayoungmoney) March 1, 2019
Revolut did not respond to our request for comment.