Fintech firm Revolut hit by 'nightmare' week

Keiligh Baker's picture

Digital bank Revolut has experienced a week from hell amid questions over its new sanction screenings and an expose in a tech magazine which saw employees accuse the fintech firm of having a 'toxic culture'.

Revolut has grown rapidly as a disruptor in the financial services space by offering card holders fee-free foreign currency transactions, ATM withdrawals and bank transfers.

But just last week the Telegraph alleged that Revolut turned off sanction screening software, which the challenger bank strongly denies.

The company hit back in an open letter published Friday.

"At no point during this time did we fail to meet our legal or regulatory requirements," said CEO Nik Storonsky in the letter. "We conducted a thorough review of all transactions that were processed during this time, which confirmed that there were no breaches."

Just days later former Revolut employees at both senior and junior levels described an environment of unpaid work, unachievable targets and high-staff turnover to Wired.

To top it all off, finance chief Peter O'Higgins quit last week amid growing concerns over the way the business is run.