Revolut tracks staff behavior and grants or docks points in an internal “karma” system that supplies UK bank decisions regarding bonus payments.
The practice is detailed in Revolut’s annual report, showing profits more than doubled last year, increasing 148% in 2024 to £1 billion.
Europe’s most valuable fintech company — did not disclose staff bonus pools, but explained that it was building a “healthy risk and compliance culture” through a “point-based system” that helps determine employee payments.
Launched in 2020, the system called Karma will be used to track staff members following risk and compliance rules “to score points that ultimately affect bonuses and lose,” says Revolut’s annual report.
These points are fused at the team level, and then used by collective scores for docking or by individual employee final bonuses. Revolut said Karma was “as a feedback loop that rewards and corrects actions.”
This move comes as Revolut attempts to strengthen its former reputation for weak compliance and toxic occupational culture. A few years after its launch in 2015, Revolut addressed reputation concerns, including accounting issues, violations of EU regulations, and an overly aggressive work environment. All of these are believed to have delayed approval of the UK banking license.
The Fintech company says it has since made efforts to resolve these accounting and regulatory issues and improve its work culture.
Co-founded by former Lehman brother banker Nick Stronski, Revolut, originally launched as a prepaid card focused on free currency exchanges for its customers. Since then, he has grown to over 10,000 staff, serving customers in over 36 countries and offering over 50 products and services. It offers not only transfers, but also home rentals, wage credits for purchases, wage advancements, e-SIMS and crypto transactions.
Revolut has been waiting three years, but it is expected that it will eventually restrict and secure UK banking licenses in July and will receive full approval from UK regulators this year. It paves the way for bumper stock market flotation, and finally revolut is valued at $45 billion. British politicians and city bankers are desperate to convince Storonsky that London should host a major list of Revolut.
On Thursday, the bank reported that subscription revenues for customer accounts had reduced 74% to £423 million last year after rolling out “enhanced profits” across paid plans last year. Among the flashy perks were tickets to an exclusive London gig with pop star Charli XCX before her sold-out UK arena tour in November.
Revolut’s overall Wealth Division revenues skyrocketed to 298%, due to cryptocurrency trading and the launch of its own crypto exchange platform.
