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Revolut
The money superapp
Revolut describes itself as building the world’s first truly global financial superapp. In 2015, Revolut launched in the UK offering money transfer and exchange. Headquartered in London, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It offers accounts featuring currency exchange, debit cards, virtual cards, Apple Pay, interest-bearing "vaults", commission-free stock trading, crypto, commodities, and other services.
Revolut was founded in 2015 by Russian and Ukrainian entrepreneurs Nikolay Storonsky and Vlad Yatsenko. The company was originally based in Level39, a finatech incubator in London’s Canary Wharf, London.
Storonsky was born in Russia to a Ukrainian father who was Deputy General Director of Science for natural gas research institute Gazprom Promgaz. Storonsky studied for a master’s degree in physics at the Moscow Institute of Physics and Technology, and also became a state champion swimmer. He completed a separate masters in economics at New Economic School in Moscow. Later he worked as a trader at Lehman Brothers and Credit Suisse. At the age of 20, he emigrated to the UK and acquired British citizenship. In 2022, he condemned the Russian invasion of Ukraine, and renounced Russian citizenship.
In 2018, Revolut secured a Challenger bank licence from the European Central Bank, facilitated by the Bank of Lithuania, authorising it to accept deposits and offer consumer credits, but not to provide investment services. At the same time, an Electronic Money Institution licence was also issued by the Bank of Lithuania.
In 2019, Revolut signed a global deal with Visa, following which it expanded into 24 new markets and hired around 3500 additional staff. It also launched commission-free stock trading on the New York Stock Exchange and NASDAQ, initially for customers in its Metal plan. In the same year it hired a number of banking veterans including Wolfgang Bardorf, previously with Goldman Sachs and Deutsche Bank, Philip Doyle, from ClearBank and Visa, and N26’s Stefan Wille.
In 2020, another funding round tripled its value, to £4.2 billion, as it launched into the US market, plus a financial app in Japan. It also turned profitable.
In 2021, it applied for a UK banking licence, and for a bank charter in the USA. It raised another $800 million from investors, including SoftBank resulting in a $33 billion valuation.
In 2022, it launched as a bank (instead of an e-money platform) in 10 additional European countries: Belgium, Denmark, Finland, Germany, Iceland, Liechtenstein, Luxembourg, Netherlands, Spain, and Sweden. At this point it claimed more than 25 million customers around the world and more than 150 million transactions a month.
Mission and Vision of Revolut
Vision
Revolut’s vision is to build a sustainable, digital alternative to traditional big banks.
Mission
Revolut’s mission now is to help our customers improve their financial health, empower them to have more control, and promote financial cohesion across the communities in which we operate.
Values and Principles of Revolut
Storonsky recently introduced a new set of personally-driven culture values at Revolut:
Never Settle
Shoot for the moon. Push the envelope. Jump in with both feet. We constantly push, rethink, and rework to get 10x further from where we are now. We aren’t afraid to be ambitious — and we’re always looking for the next big thing. Revolut is for those who always strive for excellence, for those who want to become the best in the world at what they do, for those who would never settle for less. Revolut is for 10x people.
Dream Team
Ship, shipmates, self. Be radically honest, direct, and respectful. Never compromise on talent. Lead by doing. We believe the key to winning is building diverse, lean teams of brilliant go-getters who break down barriers. We select, coach, and retain the top talent only and give them all the support to achieve greatness.
Think Deeper
Start with “Why?”. Never lose ‘North’. Be open minded – listen, probe, adjust. We believe logic, reason, and common sense prevail over everything else in decision-making. We dive deep until we get to atoms. If we don’t know something – we bet, collect the data, and reiterate. Logic, reason, and common sense prevail over everything else in decision making at Revolut. We are open-minded, we listen, and we are always in search of the truth.
Get It Done
Commit and execute. Act like an owner. We believe that ideas are great, but execution is everything. That’s why respect at Revolut comes from sweat and stretch. Revoluters always push through! We stopped listening to excuses a long time ago – we care about results. We believe that grit, determination, skill, smartness, and courage can break through almost any wall.
Deliver Wow
Put customer first. Keep it simple. We believe that everything we do should solve our customers’ needs. To create awe and inspire, we pay attention to every single detail. We love building great products, we love delighting our customers, we love turning the complexity of a chaotic world into the simplicity of a beautiful solution that truly solves customer needs.