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Revolut raises $500M at a $5.5B valuation

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Re: Revolut raises $500M at a $5.5B valuation

#31

Post by La1n »

romasato wrote: post #19
ascari wrote: post #9

I refused to interview with them due to their poor employment practises. A quick search reveals what's going on.

Everyone keeps repeating and referencing the same old story about where a few of the unhappy employees were bashing the company about its startup culture. Some people are better suited to work at more established companies, not startups growing massively where one has to wear multiple hats and probably work more than the regular 9-5.

I think most people are better suited to be treated like humans and not be exploited. Calling it "startup culture" does not make it any better.

Re: Revolut raises $500M at a $5.5B valuation

#32

Post by quakegen »

fauria wrote: post #11
sschueller wrote: post #4

Revolut is predatory and walking on the line of legality. I would stay as far away as I can from them. - Unfair/illegal employment practices. [1] - Dubios crypto service (you can buy and sell but there is no way to transfer in or out) [2] - Keeping a firewall between customers and company by only allowing communication via app chatbot [3] - Accusations of money laundry. [4] - Many people have had their accounts froze…

Can you provide links or any other kind of source for these statements? Customers would be mostly concerned about the fifth one, probably: Many people have had their accounts frozen or even money stolen .

r/revolut is full of experience.

Re: Revolut raises $500M at a $5.5B valuation

#33

Post by z3t4 »

dx034 wrote: post #14
ascari wrote: post #9

I refused to interview with them due to their poor employment practises. A quick search reveals what's going on.

I found a TechCrunch article[1], is that what you're referring to? Hadn't heard of these issues before (but also never tried to apply there). [1] https://www.wired.co.uk/article/revolut-trade-unions-labour-...

There's nothing wrong with results based hiring. But when someone asks you to do a test like this, don't do it for free! Don't make it easy for these hustlers by agreeing to work at minimum wage hoping for a bonus once you have required thousands of users for them. They will just find another sucker and repeat.

Re: Revolut raises $500M at a $5.5B valuation

#34

Post by Matsta »

ascari wrote: post #9

I refused to interview with them due to their poor employment practises. A quick search reveals what's going on.

Funny enough their Head of HR reached out to me last month for a call. After rescheduling multiple times because she failed to join the call - I think I'm going to give up with them.

Re: Revolut raises $500M at a $5.5B valuation

#35

Post by randunel »

fauria wrote: post #11
sschueller wrote: post #4

Revolut is predatory and walking on the line of legality. I would stay as far away as I can from them. - Unfair/illegal employment practices. [1] - Dubios crypto service (you can buy and sell but there is no way to transfer in or out) [2] - Keeping a firewall between customers and company by only allowing communication via app chatbot [3] - Accusations of money laundry. [4] - Many people have had their accounts froze…

Can you provide links or any other kind of source for these statements? Customers would be mostly concerned about the fifth one, probably: Many people have had their accounts frozen or even money stolen .

Revolut also block the accounts of members of a certain political party ("PSD") in Romania, "blocking" (stealing) their money, but only if customers admit to being a socialist party member. Here's a screenshot with the questions https://universul.net/wp-content/uploads/2019/10/revolut-psd...

Transcripted from the Revolut app:

Have you ever held any of the following positions? Select all that apply

- Member - Specialized Commission for Local Government, Legal, Defence, Public Order, Rights and Freedoms of Citizens

- Councilor - Teleorman County Council (as of July 2012)

- Member - Partidului Social Democrat (PSD)

- None of these apply

Re: Revolut raises $500M at a $5.5B valuation

#36

Post by wh1t3n01s3 »

bad_user wrote: post #21
fauria wrote: post #11

Earlier quoted context omitted.

Can you provide links or any other kind of source for these statements? Customers would be mostly concerned about the fifth one, probably: Many people have had their accounts frozen or even money stolen .

Revolut started blocking accounts with transactions going over some limit, demanding proof for the source of that money, to prevent money laundering. Happened to me, their response was slow, had my account unfrozen in a week or two. I've never heard claims of money being stolen though, might be hyperbole.

While those things could be true, as a N26 and Revolut free customer, I have to say that yes, they use customer service chat bots, but when you ask for humans, their assistance to me was always good, quick, and solved my issues.

Re: Revolut raises $500M at a $5.5B valuation

#37

Post by luckylion »

bad_user wrote: post #21
fauria wrote: post #11

Earlier quoted context omitted.

Can you provide links or any other kind of source for these statements? Customers would be mostly concerned about the fifth one, probably: Many people have had their accounts frozen or even money stolen .

Revolut started blocking accounts with transactions going over some limit, demanding proof for the source of that money, to prevent money laundering. Happened to me, their response was slow, had my account unfrozen in a week or two. I've never heard claims of money being stolen though, might be hyperbole.

Did they give any explanation as to why they think that's legal, freezing accounts and blocking payments on a whim, without some court's decision?

Re: Revolut raises $500M at a $5.5B valuation

#38

Post by klausjensen »

Revolut closed my business account with them and would not give me any reason why (all documentation was OK, all my clients are lilly-white busineses).

It is not clear to me if they would not tell me because they're not allowed to by law - or "just because".

Anyway - then the remaining balance on my account - they simply sent that back to the last payment that had been made => They sent my remaining balance to one of my clients!

Great API, great interface, great app, great prices - but I do not trust them any more, obviously.

Re: Revolut raises $500M at a $5.5B valuation

#39

Post by thefounder »

sschueller wrote: post #4

Revolut is predatory and walking on the line of legality. I would stay as far away as I can from them. - Unfair/illegal employment practices. [1] - Dubios crypto service (you can buy and sell but there is no way to transfer in or out) [2] - Keeping a firewall between customers and company by only allowing communication via app chatbot [3] - Accusations of money laundry. [4] - Many people have had their accounts froze…

>> Revolut is predatory and walking on the line of legality.

Like most of the banks, right? [0]

I find their chat communication quite great. After all you can't send documents over a phone call.

>> Many people have had their accounts frozen or even money stolen.

Is there a bank that doesn't do that? If you want to own your money use cash or digital/crypto

https://www.reuters.com/article/us-hsbc-usa/hsbc-draws-line-...

Re: Revolut raises $500M at a $5.5B valuation

#40

Post by shawabawa3 »

klausjensen wrote: post #38

Revolut closed my business account with them and would not give me any reason why (all documentation was OK, all my clients are lilly-white busineses). It is not clear to me if they would not tell me because they're not allowed to by law - or "just because". Anyway - then the remaining balance on my account - they simply sent that back to the last payment that had been made => They sent my remaining balance to one of…

Randomly closing accounts with no explanation or recourse unfortunately seems to happen with basically every bank or payment provider these days

Transferring your entire balance to an arbitrary account though....yikes

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