Revolut Rescinds Job Offers to New Grads as it Reviews Operations

revolut, project prism, rescind job offers

Revolut is pulling job offers extended to new graduates as the challenger bank continues auditing its operations and picking through the numbers as part of an in-house review codenamed “Project Prism.”

A spokesperson told PYMNTS on Wednesday morning (Sept. 7) that job offers were rescinded to four candidates “due to changing business needs in one specific team.” He said the company apologized to the candidates and offered them financial support, as well as job search assistance like interview prep and recruitment advice.

“This is not indicative of a wider hiring freeze; on the contrary, we are actively hiring. We have more than 200 open positions. On our seventh birthday (July) we surpassed 5,000 employees globally and our net headcount continues to grow,” the spokesperson told PYMNTS.

He added that Revolut is not in the midst of cutting costs and upped its “overall headcount budget” since the review was initiated.

“We have 300+ new joiners month on month for the last 3 months and have publicly committed to increasing our Crypto headcount by 20%,” the spokesperson told PYMNTS.

Read more: Revolut Turns 7 with 20M Customers

When Revolut hit its seventh year in July, it reached a milestone of 20 million customers, 250 million monthly transactions, and a global workforce topping 5,000 employees. Co-Founder and CEO Nikolay Storonsky said at the time that Revolut is a young company but there is increasing demand for its projects worldwide, PYMNTS reported.

Last valued at $33 billion, the FinTech has expanded operations with new offices in New York, Tokyo, Madrid, Barcelona, Paris, Mexico City, Berlin, Budapest and Bucharest, with additional locations opening in Mumbai and Bangalore, India later this year.

Related: UK Regulators Scrutinize Revolut After Finding Audit Flaws 

The U.K.’s Financial Reporting Council deemed Revolut’s audits as flawed earlier this week and is pushing the neobank to improve its internal controls for financial reporting, PYMNTS reported on Sept. 5.