Nikolay Storonsky and Vlad Yatsenko/Revolut
Revolut co-founders sacrifice their salaries amid ongoing coronavirus outbreak
Despite slashing salaries, the fintech is still yet to furlough any staff.
The fintech, first reported by Financial News, appears to have followed in the footsteps of its competitor Monzo, who announced earlier this month that CEO Tom Blomfield wouldn’t receive a salary for 12 months and executive staff got 25 per cent pay cuts.
The financial app has also apparently offered staff the opportunity to swap a proportion of their salaries for shares.
According to the report, the salary swap scheme will allow staff to swap £1 of salary for £2 worth of shares in the e-money institution.
Revolut, like many other fintechs, has begun to feel the financial pinch because of lockdowns customers are spending more conservatively and travelling less, hurting the digital banking service’s revenue.
The fintech is currently valued at $5.5bn following a mammoth $500m Series D funding round earlier this year.