Revolut | Neo-Bank Strategy Deep Dive
Updated: Nov 11, 2020
Revolut: Think Big, Start Small and Scale Rapidly
This week we complete the UK Challenger Banks trifecta by covering Revolut:
🛤 Launched in 2015 as a 💸 money transfer app, Revolut has come a long way in a short amount of time. It has significantly expanded its portfolio of 📲 products and its 🌏 geographic presence and has become one of the major players in an increasingly crowded challenger bank market.
⚔️ Revolut's “attack vector” for rapid 👨👩👧👦 customer acquisition was originally low exchange fees when spending in a 💱 foreign currency, which undoubtedly fuelled much of the startup’s early 📈 growth and 🤯 mindshare, but new features and products are being added at an increasingly ⏩ fast pace.
🚠 Revolut has taken a different route to 🏦 banking license and mostly operates in various countries with its e-money license. This has allowed Revolut to 'Lift and Shift' its products and operations rather easily to multiple countries quickly and resulted in a massive customer base across 35+ countries.