Revolut CEO Nik Storonsky still prefers hungry young bankers to experienced execs

In the early days of Revolut, the app based bank that yesterday had Charlie XCX performing at its party, there was criticism that the firm was leaning to heavily on young people. Known as 'founder's associates,' these were elite entry-to-mid-level hires working directly under Revolut founder Nik Storonsky. Storonsky, however, has no regrets. 

In an interview last week, Storonsky credited himself with the invention of the founder's associate role. As the company reached over 100 employees, Storonsky said he hired "experienced executives" (said with a sarcastic twang), who "failed miserably." He then hired eight founder's associates - young McKinsey consultants and investment bankers -  who he believes have fared much better, although the FT said the decision "unnerved" more experienced staff. 

Today, Storonsky says the founder's associate team has around 40 members, and Revolut currently has an opening for one more, working remotely. 

Other startups have caught on to Storonsky's game. Michael Abdul, founder of fintech recruitment firm Volition, says founder's associates are "all the rage" right now. He says startups are looking for "super smart graduates and juniors" to get involved in "everything." One founder's associate that Abdul hired for another firm had "seen as much as candidates with double his experience."

The role can be hard. One former founder's associate of a firm with ~40 employees says that you are "thrown into the pits of hell immediately with no context," and you have to be the kind of person who thinks that is a good thing. He said that some of the most unusual tasks they were given were "going to Nigeria to meet with banks," and to "take care of the founder's kid," while he was away on business. It's not always so strange; the founder's associate said they would also work with employees on setting performance targets, or organize meetings with VCs, lawyers and the like. 

Founder's associates weren't universally loved in the past, but the executive team member told us that coworkers are warm to the new breed, so long as you "show you're here to help, and they can rely on you." 

How to become a founder's associate

The startup founder's associate told us they got their role through Jumpstart, a 'career accelerator'. Its website says the average salary for a founder's associate lies between £30k and £50k in the UK. You're expected to have 1–3 years of startup or corporate experience to land one of these roles.

If you want an operating principal role at Revolut, prepare for a more intense process. Revolut staff have said the interview process is "long and tedious," with a lot of case studies and 'fit' interviews in which you describe your experience in previous jobs to see if your way of working aligns with the Revolut way. The current opening for an operating principle requests a quantitative degree from a top university, and experience in either banking, private equity, consulting, or a tech startup.

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