20 Things You Didn’t Know about Revolut
The founders of Revolut, founded in 2015, knew the inside scoop. Nik Storonsky and Vlad Yatsenko were already using the product when they started this successful company. According to their website, they currently have fifteen million personal customers and 500 thousand business customers. Its goal is to become an international one-stop financial app. Even as the company expands to unprecedented levels, Revolut’s mission remains the same; to assist its customers with making intelligent financial decisions and maintain better financial practices. With globalism trends connecting countries across the world, commercial enterprise and advancement are rapidly growing. The focus on financial growth has led to the creation of multiple emerging innovations and technologies that have reinvented the field through streamlining and making it much more accessible to the public. Revolut is such an application that has led to significant changes in the UK Fintech sector. Besides helping businesses and consumers manage their finances, they also work with many different charities. In 2019, they had partnerships with twenty organizations whose mission is making positive changes in our world. These are twenty things you don’t know about this company.
1. Women survivors
On March 8th, Revolut celebrated International woman’s day, creating the Stronger Women, Stronger Nations Programme. According to their website, they have been working with women for 25 years, teaching women fundamental skills to lead their communities. Countries like Afghanistan, Bosnia, Herzegovina, Iraq, and Kosovo benefited from this program, a global network where women can connect and empower each other to create meaningful change. Additionally, it allows them to cheer each other on as they learn essential things like making a living and supporting their families. National Organization for women created this important day almost two decades ago.
Revolut has partnered with heavyweight boxer Anthony Joshua to help struggling gyms in the United Kingdom and Scotland. They issued limited-edition glow-in-the-dark debit cards. When someone purchases a card, the company will donate $1.41; the minimum payout is $70,500. Making this commitment helps the organization to support local businesses which the pandemic has financially impacted. Joshua is ecstatic about the partnership; he feels that his mission wouldn’t have been successful without the company stepping in and generously donating its time and product.
3. Planting flowers
Every November, the United Kingdom celebrates its veterans with the Royal British Legion’s Poppy Appeal, a symbol of hope, peace, and honoring those who served. The pandemic has affected these soldiers more than before with the global crises. Additionally, the program has needed an overhaul to keep everyone safe. Revolut stepped in, creating a safer platform for people to donate to a worthy cause. The platform is free, allowing all funds raised to go to their allocated place.
4. Puppy love
One constant in Revolut’s business model is creating solutions to take businesses to next-level success. Pooch and Mutt is another business they’re helping with financial solutions. Guy Blaskey is the founder of Pooch and Mutt, which strives to make healthy dog food, treats, and other products. He faced a substantial challenge when breaking into the European market. Conversion from dollars to euros had a fee. Traditional banks didn’t have a model in place that eliminated the cost. Revolut’s solution was a multi-currency bank account; now, the company is thriving.
5. Uncharted course
Japan has kept traditional banking practices and hasn’t sought out more innovative solutions many other countries enjoy, leading to a stagnant market. According to Revolut’s blog, There is less than 20% daily movement in the Japanese exchange. Additionally, half of that is retail investors under the age of 30. The country started seeking out a solution. In 2019, The Metropolis Government of Tokyo and Financial Services Agency granted Revolut the contract for foreign Fintech companies, creating Revolut Technologies Japan.
6. Engineering success
Vladimir Ulianov is the company’s back-end engineer, another in a long line of successful Revolut hires. Ulianov had an exciting journey to the company. He began working on a university degree in programming when he was fifteen and quickly earned a Ph.D. in Mathematics and Computer Science. Ten years later, he began developing a programming language called Libretto. Dual degrees caught Revolut’s eye, making him the Senior Back End Engineer in the Core Payments Team. He didn’t disappoint and was one of the key players on the US app launch.
7. Pearl diving
Foreign exchange currency has many fees and other costs to convert. One of London’s most celebrated accountancy firms felt there must be a better solution. Pearl accountants’ clients are multi-national companies with a range of industries. They felt the fees were outrageous and a disservice to their clients. Revolut’s program offered them the solution they wanted. Once their account was open, they were able to hold twenty-eight different currencies. Additionally, these rates were substantially lower than the institutions they’d previously used. Initially, they had concerns about the platform, worrying their clients would need additional support; not the case. Because Revolut has a streamlined platform, the transition was seamless.
8. Rookie mind
Rishi Stocker has been the company’s expansion lead for six years, a perfect position for someone who strives to stay outside the box. Before he worked for the company, he was a customer. While using the product, he noticed features that he felt needed to be changed. Since Revolut strives to listen to their customers and improve their product accordingly, they took his suggestions and put him on their payroll. Stocker was instrumental in the Japanese financial market expansion.
9. Minority report
In 2020, Revolut partnered up with over a hundred companies based in The United Kingdom, all owned by black men and women who offer services ranging from haircare to greeting cards. They created Jamii, which gives cardholders a 40% discount on all purchases for the first year. Currently, they are working towards a subscription model outside London and Birmingham.
10. All downhill
Faction Ski’s is a trusted brand for avid skiers, globally dominating its market to 44 countries. Additionally, it uses skiing celebrities from fourteen countries in Faction’s social media campaigns. Different facets of their company are located in multiple countries, including Austria and France. They needed a way to bridge the currency gap and make it fluid. Revolut’s platform gave them the tools for expense management and features that worked in multiple time zones and many foreign languages. Its innovative platform helped the business scale higher and created new facets of the business in additional countries.
11. Raise them right
The company created a second app built for children ages seven to seventeen, with an account tailored for their needs. Revolut Junior is a tool for parents to teach their kids financial basics, including savings and budgeting. The app is available for kids whose parents already use Revolut. It has many security features, including having the card details on the back. It was designed to help parents start dialogues about the importance of financial management. As of now, the app is only available in Europe.
Adzooma is a company that assists businesses with more innovative social media campaigns. Some of its features include one-click optimizing and reporting geared for the company. It integrates with Google Ads, Facebook, and Microsoft. Revolut’s understood a partnership with Adzooma would add value for their customers since finances and advertising are the essential components in a successful company.
13. Finances without borders
One of Revolut’s most important partnerships is with Doctors without Borders, a group that has been on the front lines of pandemics for half a century and tackled the COVID pandemic head-on. Revolut has partnered with Doctors without Borders on many occasions. The company assisted Doctors without Borders set up a maternity ward in an impoverished African country.
14. No cash, no problem
Revolut is redefining the currency model. One of its missions is eliminating paper currency since people rely on credit cards and other payment forms, only carrying a few dollars in their wallets. Revolut recognizes this and feels that it will eliminate the need for traditional currency if this trend continues. They are building infrastructure for this model since they feel that cashless payments add convenience and are far more secure. Sweden is beginning to embrace this model; half of their transactions are done with a cashless payment method. The United Kingdom is reporting similar numbers.
15. Starting a girl group
Alexa, Cortana, and Siri play integral parts in our lives. We can ask them many questions that help streamline our lives. Revolut is adding their assistant, Rita. Staying current with finances is one of the most important things. However, it is one of the many tasks we need to track. Long customer hold times are not only frustrating, but they set us back on another task. The company recognized this need and introduced Rita, an acronym for Revolut’s Intelligent Troubleshooting Assistant. Although Rita is still learning, her addition to their customer service team allows users to click support on the app instead of waiting on hold for half an hour.
16. More green for the environment
Creol’s CEO, Kristan Krough, is more concerned with the environment than with finances. However, his bank was withholding funds due to retail institutions’ compliance with regulatory requirements. It wasn’t very reassuring, and he knew he would have to find a better solution quickly, or his company would stop operating. He found Revolut; then, after speaking with the company’s outstanding customer service, he discovered it was the solution. Creol, like the company, is now embracing its revolutionary cause. The anxiety of its finances being impacted by external factors is behind them.
17. Add this to your wallet
Integration of their platform into services businesses use every day keeps expanding. Small businesses are reliant on things like Amazon Merchant PayPal and Stripe. One of their priorities in 2019 was to assist their business clients with smooth integration with these platforms. Helpful features include being able to accept payments in multiple currencies without high transaction fees. Additionally, their service connects to several subscription services, including Slack, Zapier, and Xero.
18. Lucky threes
Between 2015 and 2018, Revolut added three million customers, and they didn’t take all the credit. As with their charitable causes, they continue to find innovative ways to shape the face of international currency. The growth wasn’t by accident. During those years, they relied on KPIs ( key performance indicators) to gauge what products needed improvement and what products would enhance their customer’s financial experiences, creating a framework where growth and innovation could thrive. They launched additional cards to eliminate a shortage and focused on creating a reputation their customers could trust.
19. Connect the numbers
According to a Deloitte, when polled, Revolut’s growth was number one in three different locations; Asia, the Middle East, and Africa. The MFA Fast 500 ranked the company number one with a 39,754% revenue growth. One of the co-founders, Nik Storonsky, attributed the growth to 12 million new customers. He added that these numbers were why the company is always looking for new ways to improve its relationship with money by providing solutions beyond the traditional bank.
20. Know Your Audience
World travelers and international businesses gravitate to Revolute. According to moneycheck.com, the platform works in over 130 countries without hidden fees and makes transactions based on current exchange rates, saving customers around 8% without physical currency exchange. Revolut was one of the first companies to use Bit currency. They bridge the gap for people who want to swap bit currency like Ether, Bitcoin, or Litecoin.
According to ncyrpted.net, Stronzky and Yatesenko started Revolut with a bold mission statement; “To turn the Financial sector on its head.” Since the pair was well-qualified with a background in banking and investments, they had insights many other CEOs might not possess. This knowledge was one reason why this company has enjoyed upward trending success and a growing customer base, expanding every year. They created a platform that isn’t just smart but also intuitive, even giving kids the ability to learn this unprecedented technology.