Fireside Chat with Nikolay Storonsky (Revolut) | Disrupt SF 2018

Transcript

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Summary

Revolut is a challenger bank that offers a range of banking services, such as account opening, money transfer, cryptocurrency exchange, and investment, all through their app. They have experienced rapid growth in Europe and are now expanding into North America. Despite their success, they face competition from other challenger banks in Europe and aim to stand out by offering better products and features.

Questions & Answers

Q: What sets Revolut apart from other banks?

The key to Revolut's success lies in offering products that are 10 times better than competitors, with zero marketing. They provide a seamless and efficient banking experience, eliminating the need for physical locations and reducing barriers to entry.

Q: How do they compete with other challenger banks in Europe?

Revolut focuses on providing better products and features compared to their competitors who often find themselves two to three years behind. They continually release new features and expand at a faster pace while delivering a superior user experience.

Q: How has Revolut grown in terms of users and funding?

Revolut has opened 7,000 to 8,000 accounts and gained three million users without any marketing. They have also entered the business accounts market, opening around 200 accounts per day. They have raised over $300 million and expanded to 28 countries in Europe.

Q: What is the premium version of Revolut?

The premium version of Revolut offers additional benefits, such as a metal card, a dedicated concierge service, and cashback in cryptocurrency. The metal card is a unique product that provides a premium banking experience.

Q: How does the cashback in cryptocurrency work?

With Revolut's cashback feature, users have the choice to receive cashback in Bitcoin, Litecoin, or Ethereum. This allows users to earn cryptocurrency while making everyday purchases.

Q: Is the Revolut wallet secure?

Revolut ensures banking-level security and regularly performs penetration testing to protect customer information. Cryptocurrencies are held in cold wallets, but the exact location is undisclosed for security reasons.

Q: How does Revolut handle cryptocurrency trading?

Users can trade cryptocurrencies within the Revolut wallet but cannot transfer them to other exchanges. Revolut aims to provide a comprehensive suite of financial services, including commission-free trading and wealth management.

Q: Do they plan to launch in North America?

Revolut plans to launch in North America by the end of the year, with a waiting list of around 60,000 potential users. The exact launch date is expected to be closer to December.

Q: How does Revolut deal with regulatory concerns involving cryptocurrency?

While cryptocurrency is regulated in the US, there are currently no specific regulations in Europe. Revolut stays in regular communication with regulators to ensure compliance and follows recommended guidelines.

Q: What led to the success of Revolut?

The initial idea for Revolut was to address the frustration of high foreign exchange fees. Starting with a crowdfunding platform helped create a strong customer base and leverage user advocacy. Continuous innovation, passion, and hard work have contributed to Revolut's success.

Takeaways

Revolut has disrupted the traditional banking sector by offering a range of banking services through a user-friendly app. With their focus on providing better products and features, they have achieved rapid growth in Europe. Their expansion into North America and plans to offer commission-free trading indicate their commitment to redefining the banking experience. Despite facing regulatory challenges in the cryptocurrency space, Revolut continues to innovate and prioritize customer satisfaction. Their success stems from a strong user base, a passionate team, and a dedication to creating a seamless banking experience.