While some of the nation’s biggest banks continue to push return to office mandates (and rile up some employees who aren’t happy about it), one fintech is going in the opposite direction.
Revolut, the London fintech, told its more than 10,000 employees that it was maintaining its hybrid work policy across core markets, according to an internal memo seen by Fortune. Some Revolut workers prefer to show up at the office every day, but others need flexibility to complete tasks at home, the memo said. This means that Revolut’s employees don’t have to come to the office.
“We’re different from other companies. We care more about what you do than where you do it. Your great work is what’s made Revolut successful,” noted CEO Nik Storonsky in a Feb. 19 memo that was viewed by Fortune.
Revolut switched to a hybrid work model during the start of the COVID-19 pandemic in 2020. The fintech currently has operations spread across 38 countries including physical offices in 23 nations. Of its more than 10,000 staffers, nearly 1,500 are located in the U.K., while over 200 are in the U.S.
In June, Revolut unveiled plans for its new global headquarters in London’s Canary Wharf section. The startup plans to move into four floors at the YY London building in May, boosting its office footprint by 40%, according to a June statement. The new headquarters would be a “great space for those who thrive in a modern office,” the memo said. For people working in expansion markets, where teams are smaller, Revolut is encouraging them to come into the office to support groups.
Revolut is a licensed bank in the EU where it serves over 30 million customers. Last year, it also secured a banking license in the U.K., and the fintech wants to be a bank in the U.S. (In 2021, Revolut filed a draft application for a banking charter to the FDIC and the California Department of Financial Protection and Innovation but apparently never filed a formal, final application.) The nine-year-old startup competes against banks and other legacy financial institutions, as well as fintechs that serve customers globally.
Going public
The company was founded in 2015 by Storonsky and Vlad Yatsenko. It offers digital banking services for individuals and businesses, including bank accounts, debit cards, and credit cards. Revolut also enables peer-to-peer and cross-border payments, as well as personal loans, insurance, and stock and cryptocurrency trading. However, not all products and services are available in all markets.
Revolut is currently one of the biggest global fintechs with more than 50 million customers, including 10 million in the U.K. It has raised $1.7 billion in funding, according to Crunchbase. In August, Revolut conducted a secondary sale that allowed employees to sell some of their stock. The transaction valued Revolut at $45 billion. Revenue is expected to rise past $3 billion in 2024, up from the $2.2 billion it reported in 2023.
The startup is also a consistent IPO candidate. Mergers and IPOs are expected to rebound this year with the return of Donald Trump as the 47th U.S. president. Revolut is expected to list its shares, but timing was not available, a spokesman said.
Revolut’s commitment to remote work comes as other banks are pushing their employees to return to the office. JPMorgan Chase has ordered its 317,233 employees to resume working in the office five days a week starting next month. Roughly 40% of JPMorgan Chase’s employees are currently on a hybrid schedule, where they can work from home two days a week. Some JPMorgan Chase employees are opposing the RTO mandate and have filed a petition urging the bank to rescind its return to work order.
Goldman Sachs, meanwhile, was one of the first U.S. banks to push for RTO. In June 2021, Goldman employees began returning to the office five days a week. Other banks have been more flexible with in-office attendance. Bank of America has maintained a hybrid work policy since 2022. Most BofA employees go to the office three days a week, while client-facing staff, like bankers and traders, are in the office five days a week. Citigroup also has a hybrid policy with employees working in the office three days a week, Fortune has reported.
