Revolut has rolled out an expanded internal ‘Karma’ system that monitors employee compliance with risk processes, linking their conduct to bonus structures.
Launched in 2020, Karma is a proprietary points-based system designed to track risky behavior among staff. Employees are evaluated against a series of processes, earning or losing points that ultimately influence their bonuses.
Last year, the system was broadened to encompass over 30 risk and compliance processes, as noted in Revolut’s 2024 annual report. “Karma serves both as a feedback mechanism that rewards and corrects behaviors, as well as a comprehensive oversight tool for risk and compliance culture, allowing us to prioritize key developments in this area,” states the report.
Revolut has faced challenges in risk and compliance over the years. Last summer, the company finally attained a UK banking license after a three-year review process impacted by regulatory concerns regarding auditing, compliance, and corporate culture.
Recently, it was fined €3.5 million by the central bank of Lithuania for shortcomings in its anti-money laundering controls.
In its annual report, Revolut announced pre-tax profits of $1.4 billion and a net profit of $1 billion. Group revenues surged 72% to $4 billion, up from $2.2 billion in 2023, fueled by robust growth across all revenue streams and an expanding user base.