Marcel van Oost’s Post

At the 𝙍𝙚𝙫𝙤𝙡𝙪𝙩𝙞𝙤𝙣𝙖𝙧𝙞𝙚𝙨 event in London, Revolut celebrated 𝟱𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 customers and revealed 𝗕𝗜𝗚 plans for 2025: Last week, at Websumit, Antoine Le Nel announced (https://bit.ly/3V7HWX1) that it's currently gaining 𝟭 𝗠𝗶𝗹𝗹𝗶𝗼𝗻 users every 3 weeks 🤯 This week, it was no suprise when Revolut reached the impressive milestone of 50 million customers (https://lnkd.in/df9Erpbj feat well worth celebrating. Yesterday, Revolut co-founders Nik Storonsky and Vlad Yatsenko took to the stage at the company’s The Revolutionaries event in London to celebrate the 50 million Revolut customers milestone and share the company’s future product vision for 2025. Revolut, which has grown by over 10 million customers globally in 2024 so far, is now focused on accelerating the roll out of innovative products and services to continue disrupting global financial services in its bid to become 𝘁𝗵𝗲 𝘄𝗼𝗿𝗹𝗱’𝘀 𝗳𝗶𝗿𝘀𝘁 𝘁𝗿𝘂𝗹𝘆 𝗴𝗹𝗼𝗯𝗮𝗹 𝗯𝗮𝗻𝗸. Amongst the key highlights, Revolut announced today: ► 𝗔𝗜 𝗔𝘀𝘀𝗶𝘀𝘁𝗮𝗻𝘁: A new in-app financial companion will guide users toward smarter financial habits, decision-making, and streamlined admin. Gradual rollout begins in 2025, with plans to evolve the assistant as AI capabilities grow. ► 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲𝘀: Starting in Lithuania, Ireland, and France, Revolut’s fully digital mortgages will offer instant approval and final offers within one business day. This product aligns with Revolut’s broader credit offerings, including potential overdrafts. ► 𝗕𝗿𝗮𝗻𝗱𝗲𝗱 𝗔𝗧𝗠𝘀: Launching in Spain by early 2025, these ATMs will dispense cash and cards and later enable cash deposits, featuring advanced facial recognition for security. ► 𝗥𝗲𝘃𝗼𝗹𝘂𝘁 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀: The business platform will introduce credit products and competitive savings rates in Europe. Additional features like biometric payments for Revolut Kiosk and expanded Revolut Pay methods, including Buy Now Pay Later, are also planned. And don't forget Nik Storonsky's statement at Slush earlier this week (https://bit.ly/4eGOvH3): “Revolut’s future? nr1 Global Bank in 100 countries for 100M customers, and $100B revenue.” 🤯 At Revolut, they truly 𝗚𝗲𝘁 (𝗦𝗵)𝗶𝘁 𝗗𝗼𝗻𝗲. 😉 Which of these updates are you most excited to see in action? Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ]

Revolut epitomizes the #fintech journey of challenger #banks from obscurity to multi-unicorn eminence and at the same time the struggle to transition to a mature 2.0. play. Let me explain. Revolut was founded in 2015 on the premise of allowing customers to spend money abroad without the high fees of traditional banks. Its first product was a #multicurrency #prepaid #debitcard doing exactly this. Like many other fintechs, it followed a simple model: — Spot a niche gap in traditional banking and attack it — Focus on seamless, end-to-end digital experiences to solve the problem, using #technology as the spear Fast forward to today and Revolut: — is Europe’s biggest digital bank with 38 million customers in 35+ countries — has become the closest thing the west has to a #SuperApp — combines a B2C and a B2B play, competing on the B2C side with the likes of #Paypal or #Apple and on the B2B with #Stripe and #Square — has managed to weather the challenging macro environment (although its valuation went down from $33 bn in 2021 to $18 bn) Revolut is a typical #fintech success story that followed a growth-first strategy to quickly grow their user base and expand to adjacent services via ever-increasing valuations #funding #customer #acquisition. As a result, #Revolut was never really profitable. It recorded its first-ever annual profit only in 2021 (a very modest £59 mn). Revolut understands that it needs to transition to a 2.0. play, underpinned by 2 major drivers: — Become its' customers primary bank — Fuel sustainable growth Each one of these 2 main goals has, in turn, a few dependencies. Being a primary bank is linked to: — Having a full #banking license across all major markets — Compete with traditional house banks on its own terms, which goes through the SuperApp infrastructure: entice customers via an ecosystem approach that builds loyalty by means of creating a one-stop-shop set-up and subsequently cashing in on the additional services (and revenue streams) that evolve around servicing customers on a lifestyle basis (beyond banking: transportation, shopping, dining, telecom, travel, etc). The latest e-sim feature launch in the UK is a great example Profitability is linked to: — Diversify and expand its revenue build-up beyond interchange, FX and subscription — The latter is directly proportional to increasing lending. A BNPL offering and the intention to enter into mortgages are steps in this direction. But it’s still early days and as the licensing saga in the UK has shown, not a walk in the park The fintechs that will make it to the next round have already started their transition into a 2.0 play. In doing so, Revolut (and others) will have to find ways to balance an #innovation, growth-first agile culture with more traditional and sustainable ways of doing business. It will not be easy, but it will be necessary. Opinions: my own, Graphic source: C-Innovation #isapexchange #isapsolutions #isapgroup #isapinvestments

Revolut epitomizes the #fintech journey of challenger banks from obscurity to multi-unicorn eminence and at the same time the struggle to transition to a mature 2.0. play. Let me explain. Revolut was founded in 2015 on the premise of allowing customers to spend money abroad without the high fees of traditional banks. Its first product was a multi-currency prepaid debit card doing exactly this. Like many other fintechs, it followed a simple model: — Spot a niche gap in traditional banking and attack it — Focus on seamless, end-to-end digital experiences to solve the problem, using #technology as the spear Fast forward to today and Revolut: — is Europe’s biggest digital bank with 38 million customers in 35+ countries — has become the closest thing the west has to a SuperApp — combines a B2C and a B2B play, competing on the B2C side with the likes of Paypal or Apple and on the B2B with Stripe and Square — has managed to weather the challenging macro environment (although its valuation went down from $33 bn in 2021 to $18 bn) Revolut is a typical fintech success story that followed a growth-first strategy to quickly grow their user base and expand to adjacent services via ever-increasing valuations funding customer acquisition. As a result, Revolut was never really profitable. It recorded its first-ever annual profit only in 2021 (a very modest £59 mn). Revolut understands that it needs to transition to a 2.0. play, underpinned by 2 major drivers: — Become its' customers primary bank — Fuel sustainable growth Each one of these 2 main goals has, in turn, a few dependencies. Being a primary bank is linked to: — Having a full #banking license across all major markets — Compete with traditional house banks on its own terms, which goes through the SuperApp infrastructure: entice customers via an ecosystem approach that builds loyalty by means of creating a one-stop-shop set-up and subsequently cashing in on the additional services (and revenue streams) that evolve around servicing customers on a lifestyle basis (beyond banking: transportation, shopping, dining, telecom, travel, etc). The latest e-sim feature launch in the UK is a great example Profitability is linked to: — Diversify and expand its revenue build-up beyond interchange, FX and subscription — The latter is directly proportional to increasing lending. A BNPL offering and the intention to enter into mortgages are steps in this direction. But it’s still early days and as the licensing saga in the UK has shown, not a walk in the park The fintechs that will make it to the next round have already started their transition into a 2.0 play. In doing so, Revolut (and others) will have to find ways to balance an #innovation, growth-first agile culture with more traditional and sustainable ways of doing business. It will not be easy, but it will be necessary. Opinions: my own, Graphic source: C-Innovation

Revolut epitomizes the #fintech journey of challenger #banks from obscurity to multi-unicorn eminence and at the same time the struggle to transition to a mature 2.0. play. Let me explain. Revolut was founded in 2015 on the premise of allowing customers to spend money abroad without the high fees of traditional banks. Its first product was a #multicurrency #prepaid #debitcard doing exactly this. Like many other fintechs, it followed a simple model: — Spot a niche gap in traditional banking and attack it — Focus on seamless, end-to-end digital experiences to solve the problem, using #technology as the spear Fast forward to today and Revolut: — is Europe’s biggest digital bank with 38 million customers in 35+ countries — has become the closest thing the west has to a #SuperApp — combines a B2C and a B2B play, competing on the B2C side with the likes of #Paypal or #Apple and on the B2B with #Stripe and #Square — has managed to weather the challenging macro environment (although its valuation went down from $33 bn in 2021 to $18 bn) Revolut is a typical #fintech success story that followed a growth-first strategy to quickly grow their user base and expand to adjacent services via ever-increasing valuations #funding #customer #acquisition. As a result, #Revolut was never really profitable. It recorded its first-ever annual profit only in 2021 (a very modest £59 mn). Revolut understands that it needs to transition to a 2.0. play, underpinned by 2 major drivers: — Become its' customers primary bank — Fuel sustainable growth Each one of these 2 main goals has, in turn, a few dependencies. Being a primary bank is linked to: — Having a full #banking license across all major markets — Compete with traditional house banks on its own terms, which goes through the SuperApp infrastructure: entice customers via an ecosystem approach that builds loyalty by means of creating a one-stop-shop set-up and subsequently cashing in on the additional services (and revenue streams) that evolve around servicing customers on a lifestyle basis (beyond banking: transportation, shopping, dining, telecom, travel, etc). The latest e-sim feature launch in the UK is a great example Profitability is linked to: — Diversify and expand its revenue build-up beyond interchange, FX and subscription — The latter is directly proportional to increasing lending. A BNPL offering and the intention to enter into mortgages are steps in this direction. But it’s still early days and as the licensing saga in the UK has shown, not a walk in the park The fintechs that will make it to the next round have already started their transition into a 2.0 play. In doing so, Revolut (and others) will have to find ways to balance an #innovation, growth-first agile culture with more traditional and sustainable ways of doing business. It will not be easy, but it will be necessary. Opinions: my own, Graphic source: C-Innovation #isapexchange #isapsolutions #isapgroup #isapinvestments

Revolut has laid out its plans for 2025, including the introduction of an #AI assistant, mortgages, ATMs, and a business credit product, after celebrating the milestone of hitting 50m customers. Looking ahead, next year will see the gradual roll out of an AI-powered assistant that promises to adapt to customers’ needs and preferences in-app, guiding them towards smarter money habits, enhanced financial decision-making and streamlined admin. Revolut will also launch its first mortgage product in Lithuania followed by Ireland and France in 2025. The goal is to provide a fully digital offering that is the fastest on the market, aiming to issue instant approval in principle and final offer in one business day subject to asset valuation and any necessary checks. Branded ATMs using facial recognition technology are also on the agenda, arriving initially in Spain early next year, dispensing both cash and cards, and in the long-term accepting cash deposits. Finally, Revolut Business will bring its first credit product to Europe and also plans to help companies manage their restaurant and store operations with Revolut Kiosk, for which it is exploring biometric payments. Nik Storonsky, CEO, Revolut, says: “2024 has been a significant year for Revolut, with millions of new accounts opened and innovative products launched across our markets. 2025 will be bigger and better. We want to revolutionize banking for the better and we’re on the right path to achieve this.” #yoursuccessourbusiness

Revolut have announced a MAMMOTH product roadmap for 2025 at their The Revolutionaries event! 🤯 🚀 🏦 Celebrating 50 MILLION customers globally, Revolut are now focused on accelerating the roll out of INNOVATIVE fintech products and services to CONTINUE disrupting global financial services. 🤖 📲 Revolut have announced its NEW AI-powered assistant to consumers - the financial companion will adapt to customers’ needs and preferences IN-APP, guiding them towards smarter money habits, enhanced financial decision-making and streamlined admin - aiming for a gradual roll-out NEXT YEAR! 💶 💼 The company will SOON start rolling out branded ATMs – bringing these to Spain for use in early 2025 - dispensing BOTH cash and cards, and in the long-term accept cash deposits. What's MORE is Revolut Business will bring its FIRST business credit product to Europe and aims to offer one of the top business savings rates in all EU markets Nik Storonsky, Revolut’s CEO and Co-Founder said: “2024 has been a significant year for Revolut, with millions of new accounts opened and innovative products launched across our markets. 2025 will be bigger and better. We want to revolutionise banking for the better and we’re on the right path to achieve this.” Read more on the link below! 👇 Rebecca Pascoe Antoine Le Nel Zander Swinburne Katie Villiers-Smith James Gibson Nick Smith Rachel Sam Siddhartha Jajodia #revolut #AI #digitalmortgage #ATMs #fintech #financetechnology #revolutbusiness #digitalbanking #credit #AIassistant

Revolut has only gone and done it. They've got their UK banking license! This landmark achievement crowns a decade of digital banks challenging the status quo. Over the past ten years, neobanks like Revolut, Starling, and Monzo have started taking share of wallet from the incumbents based on their superior customer experiences, competitive pricing, and innovative digital services. Ease of use, advanced mobile apps, quick account setup, and attractive fees and interest rates - you can see why people have been playing with the neos. Despite initial challenges, including the economic slowdown during the COVID-19 pandemic and drying up of VC funding in 2022 and 2023, some digital banks have come through the other side. Revolut reported record profits in 2023 and has impressive customer numbers to boot. Traditional banks are not passive observers. Many have developed or acquired digital capabilities to compete with neobanks. However, as digital banks continue to enhance their offerings, the incumbents might start breaking a sweat. The future of banking is digital, and the competition is fierce. Traditional banks need to leverage their strengths while embracing a digital-first approach to stay relevant. Thanks to Forresterand Aurélie L'Hostis for the great blog here: https://lnkd.in/d5-e2Vse #Fintech #DigitalBanking #Neobanks #BankingInnovation #CustomerExperience #Revolut

There was a time when the digital banking operation model was questioned. Year 2023 marked the end of that era driven Revolut , Nubank and few other more product area specific superstars. The interesting question is what will be the next stage. Do we have a highly concentrated "gigafintech" period in front us or will there be a next wave boosted by AI, tokenisation and increasing horizontal integration. The short term future looks like the former but personally won't believe in "boringly linear" longer term 😊 #digitalbanking

🎄 This Christmas, neobanks surpass legacy banks in app downloads, marking a significant shift in the financial landscape! 📈 UK Neobanks' Growth: Total Android Users: 71.78 million, slightly ahead of legacy banks at 71.58 million. New Users in 2024: Neobanks added 18.6 million, outpacing legacy banks' 7.5 million. Top Performers: - Revolut: 15.6 million new users. - Monzo: 1.8 million new users. - Starling: 463k new users. 🏦 Legacy Banks' New Users in 2024: - Lloyds: 1.2 million. - Barclays: 1.1 million. - Halifax: 1 million 📊 Trading Apps Surge: Global New Android Users in 2024: Nearly 11 million, up from 7.5 million in 2022. Total Lifetime Users: 86 million, with UK-based apps contributing 22.8 million. Leading Apps: - Trade Republic: 2.2 million new users. - eToro: 2.0 million new users. - Robinhood: 1.9 million new users. 💰 Money Management Apps: New Users in 2024: 1.1 million, surpassing previous years. Top Apps: - Plum: 357k new users. - Moneybox: 299k new users. 💹 Crypto Sector Rebounds: Downloads in 2024: 5.6 million, indicating a strong recovery. Leading European Crypto Apps: - Luno: 1.9 million downloads. - Nexo: 1.5 million downloads. Emerging Crypto AI Apps: Total Downloads: 556k, nearly doubling from the previous year. Top Apps: - uTrading: 188k downloads. - Pionex: 141k downloads. This festive season highlights the accelerating digital transformation in finance, with neobanks and fintech apps leading the charge. #FinTech #Neobanks #DigitalBanking #Crypto #TradingApps #FinancialInnovation #BankingRevolution #TechTrends #Christmas2024 #Revolut #Monzo #StarlingBank #Luno #Nexo neobanks.app: Find the Perfect Neobank for You.

Hi fintech enthusiasts. Here is my rundown of the articles and news updates that I found most interesting from this week. Week Ending 3/10/24 💹 Monzo raised $430 million in a round led by Capital G, the venture arm of Alphabet. Monzo has had a ton of success offering banking services in the UK and, as C-Innovation previously reported, has over 7 million users. Monzo plans to use these funds to re-enter the U.S. market, where it had previously applied for a banking charter with the OCC (and withdrew in 2021). This time it plans to enter the U.S. via a partner bank relationship, but given the US market has very different competitive dynamics to the UK, only time will tell whether this second shot will work out. 💹 Revolut announced a partnership with Metamask, a self custodial wallet provider. The new service, called Revolut Ramp, will give customers the ability to purchase more than 20 tokens directly into their MetaMask wallets. The partnership will also allow current Revolut users to rely on the company’s KYC checks and skip the MetaMask KYC process. This is an interesting way to expose its ~40 million users to the world of self custodial wallets. 💹 BaaS provider Synctera announced that it has completed an $18.6m Series A extension led by Lightspeed Ventures and Fin Capital. The company has also introduced a new product called SyncteraPay. According to the company, some of its customers preferred to use payments providers that were not integrated with the Synctera platform. This offering seeks to allow those customers the flexibility to connect any provider to the Synctera ledger. The announcement comes on the heels of a bunch of negative BaaS news from last week so this is an interesting change of pace. 💹 The CFPB finalized a rule this week that cuts excessive credit card late fees by card issuers from $32 to $8.The bureau stated that “Late fees are layered on top of many other punitive measures credit card companies impose on consumers who miss payments, including extra interest charges, loss of their grace period, negative credit reporting, reductions in their credit limit, and a higher interest rate on future purchases.” It struck me as a bit odd that furnishing accurate but negative information was considered a punitive action by the Bureau. 💹 Sila announced a strategic partnership with Trice to improve its ACHNow product. The offering routes payments to whichever payments rail will allow the quickest settlement, whether it be RTP, FedNow, or Sila’s Instant Settlement product. The main purported improvement via the partnership is the use of Trice’s technology to help reduce ACH error codes R1 and R5 (insufficient funds and unauthorized debit to consumer account). Reducing ACH returns via these codes may, as the company states, help to reduce “costs, losses, fines, workload, and customer dissatisfaction." It’s interesting that the focus here is an improvement on quality rather than quantity of payments processed.