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Revolut Lithuanian Trust and their European Digital Marketplace

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Magdalena Pietruczuk
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Kalendarz
24 czerwca, 2019

Revolut Lithuanian Trust has been a recurring brand name in the fintech news cycle

Revolut Lithuanian Trust is a fintech brand. It appears in the news cycle often. They have grown their customer base and image through partnerships and community commitment. Revolut provides valued service to customers. Despite having no marketing budget from the start, they gained 4.5 million users in under 5 years.

An interview with Karol Sadaj, Country Manager, in the company Revolut Poland.

Why did Revolut Lithuanian Trust choose to get a banking licence in Lithuania?

We applied for licences in different countries. Lithuania is fintech-friendly and has high-calibre technical talents from its universities. This is why it was included among them. These two things combined are the perfect recipe for any high growth tech company. Lithuania is now making a name for itself around the world as one of key European locations for fintech investment. Our brand is trusted throughout Lithuania with over 175,000 customers already.

How is Revolut supporting their expansion in the wider European market throughpartnerships?

We do many partnerships both with traditional and challenger brands and services. One of the examples is Booking.com for our retail users, the other is WeWork for our business clients. We believe in joining forces with brands who think and operate like us. Who put customer at the center of what they do. In Poland we had partnerships with car sharing apps such as Taxify (now Bolt), telecom (Play), travel operator (Itaka), these are all the market leaders in their fields. Brands that are not afraid to innovate.

What methods does Revolut employ to seek the best talent in the industry?

Most often, we run recruitments in-house. In response to the constant expansion to new markets – we are systematically developing our recruitment teams. The key to success is to maintain specialized sub-units in specific areas such as Finance, Compliance, Technology, Customer Support, Operations, etc. At the moment our recruitment teams operate in London, Krakow, Vilnius, Moscow and St. Petersburg, but we use resources from the entire EMEA area to acquire top talents.

What challenges do you foresee for the digital banking markets?

We expect increasing competition both from challenger banks and big tech companies. Revolut also anticipate a growing threat of cyber attacks and data breaches. Both risks were ranked as the top 5 global risks in a recent Global Risk Report released in Davos earlier this year. They were ranked in the top 5 for a second year in a row. Digital banking institutions have to put cyber security at the center of their services development. We call this approach “security by design”.

Does Revolut feel threatened by your competition of other Digital Banks such as N26?

Obviously we respect all our competitors, yet we are the youngest, the one who has the fastest growth in Europe and who is already a couple of times bigger than those other startups. This is because we have the strongest community of users who recommend us to their friends and family. Word of mouth has significantly helped us grow from 1 user to over 4.5 million users, in just 4 years.

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