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Nov 21, 2018 | 2 min read

Ecosystems

“We want to be the Amazon of banking”

Patrícia Silva

Project Analyst


FABERNOVEL PT
We met Nikolay Storonsky, co-founder and CEO of Revolut, a "fintech" startup that is reinventing the world of banking.

Revolut was founded in 2015 in UK and became one of the fastest-growing startups in Europe. Within 3 years, the company has reached a customer base of 3 million users and became Britain’s first digital bank unicorn in April 2018. The company’s valuation went from 350 million dollars to 1.7 billion dollars in less than 6 months.

Revolut is becoming a one-stop-shop for banking services by offering services like international transfers and withdrawals, insurance and a commission-free trading platform. How did you manage to scale the business so quickly?

I don’t know… It’s just a matter of trying, failing and then trying again, all the time and super fast. It’s as simple as that. I think it’s just a question of time to apply to business and operate. It’s very important to fail and learn. If you don’t keep getting a lot of learning you’re not going anywhere. That’s why my strategy is learning by failing.

What’s your long-term vision to disrupt this industry?

We want to build one of the largest service companies in the world by providing all the financial services that people need. We want to do with banking the same that Amazon does in retail.

To achieve this goal, Revolut keeps adding services to the app. What kind of new services could we expect?

For now, a new commission-free trading service and a robot-advisor as well.

Revolut did a partnership with Lending Works for peer-to-peer lending. Are you considering creating your own offer?

Actually, we have a team that works on our credit offering for both businesses and retail. They started almost a year ago. As soon as we receive the banking licenses we applied for we will issue the credit. We are going to do all in in credit for consumers and for businesses as well.

What’s your growth plan?

Just continue improving the product, making the best product in the world and then expand it.

Are you looking to raise funds?

Not right now, but maybe in the future. It will depend on how fast we can go. We’ll probably do a mix of VC’s and a crowdfunding campaign.

In your opinion, what’s the future of banks and financial institutions?

I think traditional banks will die maybe in 5-10 years from now. The world doesn’t need so many banks and also local providing and shipping services. The world needs someone like Amazon. If we think about the way people are using Amazon, it’s like going to retail shops and I think that similar situation will happen in banking.

What are the main constrains of these institutions?

Bureaucracy and the fact they are ran by the wrong people. It’s very difficult to change processes and people.

How do you envision the future of financial services?

Next 5 years, everything will be obviously app based. There will be apps with a lot of connection products inside, smart banking and all of those things.

Interested in this subject?

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FABERNOVEL PT

A FABERNOVEL INSTITUTE forma líderes e gestores da nova economia através de experiências “live”, que criam emoções, convicções e compromissos.

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