Revolut
Mass layoffs are hitting the tech industry in the US and Europe, but unicorn banking startup Revolut announced plans to increase its workforce by 20% in August.
Major firms such as Meta, Microsoft, and Tesla have all laid off staff or frozen hiring. Revolut's fintech peers such as Coinbase, Robinhood, and Klarna have also slashed roles.
Revolut is growing and "expanding in many countries," global head of HR Alexandra Loi said in an interview. The company is being "cautious" in the downturn about hiring the right people for the right roles, but it is still "fully going on with recruitment."
Revolut was launched by founders Nikolay Storonsky and Vlad Yatsenko in 2015, offering banking services globally. Users can make online payments and purchases across various currencies through its apps and debit cards. The firm's valuation has grown to $33 billion, though Storonsky has ruled out an IPO for the time being.
In 2019, the firm was accused by then-employees of creating a culture of burnout, unpaid work, high turnover, and tough goals, in an investigation by Wired in 2019. Storonsky published an open letter in 2019 responding to these claims saying "we haven't always gotten things right," but that the company is not the same as it was "12 to 18 months ago when these mistakes were made."
Loi described the culture as "diverse" and "supportive" adding that there remain high expectations and a "high-performance culture."
The firm isn't hiring gung-ho, introducing some cost-cutting measures including rescinding offers for four graduate roles in September. Loi said that the company is still hiring for over 200 roles, primarily in engineering, sales, and other corporate functions. She emphasized that people with STEM-related degrees or degrees from top universities are strong candidates.
There's a range of open roles currently on Revolut's website including for a 3D designer, a backend software engineer in crypto, and a growth marketing manager in Europe. Loi said the firm received more than 250,000 applications in the first three months of the year across 576 positions.
Senior staff at the company are compensated with six-figure base salaries depending on location, according to previous Insider reporting on the company's foreign-disclosure-hire data in the US between 2019 and 2021. The highest paid salary in the data set was $300,000 for an operations partner. A head of crypto made $250,000 and a senior backend engineer made $175,000.
The hiring process includes sending a résumé and Linkedin profile; a phone screening; three interviews to check technical skills, problem-solving skills, and cultural fit.
Loi explained three traits the firm looks for when hiring.
Two of the firm's most "critical" values are "get it done," and "delivering wow," according to Loi.
"This means we know what we're after, we push through, we don't have roadblocks and we make things happen," Loi said. "So we don't use excuses, we do not go with 'I cannot do it,' we find a way, and we have the determination to deliver, finding the ways and breaking through."
Storonsky said the company is about "getting s**t done," he told Insider in 2017.
"Delivering wow" means finding ways to create "seamless or amazing," products and experiences for customers.
Specific skills are required to embody these values and this includes 'problem-solving,' Loi added.
"It's about being open-minded, using your logic, reason, common sense, and being able to think deeper about problems and come up with the right solutions," she said. "We need people that will not say, 'Okay, that's fine,' but will always ask, 'What can we do more? How can we strive for excellence? How can we be the best at what we do?'"
The best way to impress Revolut recruiters is just "being yourself," because they can then really judge if you're "the right fit" for the job.
"If I go into an interview and try to impress by over-emphasizing some aspects that are not necessarily true or underemphasize some others, and I get accepted to get the job, then what we have seen out of statistics is that the probability that this person doesn't stay long is higher than someone who has fully been themselves in the interview," Loi explained.
She advises candidates to be confident and share their knowledge, aspirations, interests, and who they really are.
"Show us who you are, not who you want us to think you are," Loi said.
One of the most common reasons job applications get rejected in any industry is not preparing for the interview and researching the company in advance.
Loi urges applicants "to do a bit of research" and have a "concrete reason" for wanting to join the company.
"Know why you want to go into a company apart from the fact that it's a great brand name," she said.
Loi said candidates should "check out the product" and assess whether they actually like the app and services. Additionally, research the company culture to figure out if it aligns with your values and if you can really see yourself fitting there.
She added: "My overall advice to every person who would want to be part of this journey is to be themselves. Are you hungry? Are you motivated? Do you like to solve problems? Most probably it's a great place for you. So we're really looking forward to more applications, more people coming in, and developing strong talents. We're very open."
