Revolut’s Lithuanian trust and their European Digital Marketplace
Revolut has been a reoccuring brand name in the fintech news cycle, going from strength to strength in their customer base and image through their numerous strategic partnerships and unwavering commitment to community. Their valued service to customers has not been in vain, for having no budget for marketing at all to speak of from the beginning, Revolut has grown to a 4.5 million user base in less than 5 years.
An interview with Karol Sadaj, Country Manager, Revolut Poland.
Why did Revolut choose to get a banking licence in Lithuania?
We applied for licences in different countries. Among them was also Lithuania because it has an incredibly fintech-friendly environment and Lithuanian universities are producing high calibre technical talents. 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. With over 175,000 customers in Lithuania already, we have built a brand that is known and trusted all over the country.
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. We 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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