Technical Leaders - Working with the Management Team
Revolut Deep Dive
1. DEEP DIVE
o Overview
o Executive Team
o Product Stack
o Country Stack
o Customer Acquisition
o Payments Business
o Community
o Funding & Valuation
o Financials
o Unit Economics
2. Total Funding: $918 million
Latest Funding: $80 million – July 2020
Valuation: $5.5 billion
Investors: Balderton Capital, TriplePoint
Capital, Index Ventures,
DST Global, Future Fifty,
TCV, TSG Consumer
Geographies
Served:
35 countries across Europe,
America, Asia & Australia
Licensing: E-Money Institution (UK, Lithuania)
Specialised Bank (Lithuania)
Payments Provider (Australia,
Japan, Singapore)
Customer
Base:
Retail – 13 million
Business – 400 thousand
Payments-as-
a-Service:
InComm
Drei Austria
SnapCar
QIWI
365Tickets
Partnerships at the core of Revolut
Business Overview
Founded: 2013
Nikolay Storonsky
Vlad Yatsenko
Founders:
Launched: 2015
HQ: London, United Kingdom
Employees: 2261 (Global)
Business App Store:
Quickbooks
Slack
Xero
FreeAgent
Zapier
Bullet
Clearbooks
Paymo
Business Rewards:
Indeed
Zipcar
Advertio
Payfit
Covve Scan
Adzooma
Lending:
Lending Works
Investing:
Sapia Partners
Cryptocurrencies:
Paxos Trust
Bitstamp
Other:
Ten Lifestyle
Growth Gurus
Exasol
Open Banking:
Emma
TrueLayer
CreditLadder
US Banking:
Metropolitan
Commercial Bank
Savings:
Flagstone
Paragon Bank
Payments:
Visa
Mastercard
Modulr
Insurance:
WHI Ireland
3. Revolut has roped in top executives from premier global institutions.
40% of the team has previous experience in financial services, while
20% are from Big-Tech. The average experience of the team is 18 years.
Person
(💁 indicates female execu0ves)
Position Previous Experience
(Years)
Startups Founded
(Before Revolut)
Company Before Revolut
Nikolay Storonsky CEO 07 years - Finance - Credit Suisse
Vlad Yatsenko Chief - Technology 11 years - Tech 1 YTEQ
Alan Chang SVP Revenue None - -
Bill Rattray Chief – Finance (Interim) 34 years - Finance - Aberdeen Asset Management
Pierre Decote Group CRO 20 years - Finance - Prodigy Finance
Don Hoang VP Global Business 19 years - Business Development - Uber
Vaidas Adomauskas Head of Revolut Business 13 years - Product 2 Railsbank
Andrius Biceika Head of People 09 years - Business Development 1 CityBee
Nona Renfro 💁 VP Recruitment 18 years - Recruitments - Amazon
Richard Martin VP Core Payments 35 years - Finance - Barclays Corporate Banking
Peter Collins Head of Internal Audit 25 years - Audit - Capita
Wolfgang Bardorf Head of Treasury 18 years - Finance - Deutsche Bank
Tom Habrett Company Secretary 04 years - Legal - Herbert Smith Freehills
Jerome Fernandez VP Cards 21 years - Finance - Sainsbury’s Bank
Lesley Smith 💁 VP Communication 35 years - Public Affairs - Amazon
EXECUTIVE TEAM
4. 2015 2016 2017 2018 2019 2020
PRODUCT STACK
Retail Products
Business Products
Serves both customer segments
Partner Products
Products introduced in
Lithuania under Revolut Bank
Revolut aims to create a super app for all the financial needs
of a customer. While its initial focus was on cross-border
payments, it has over the years added complementary
services like insurance, investments & rewards.
Donations
Personal Loan
Stock Trading
Open API
Vaults
Revolut Metal
Credit Card
Mobile App
Multi-Currency Card
Revolut Premium
Revolut for Business
Cryptocurrencies
Commodities
Revolut Junior
Current Account
Euro IBAN Account
Business App Store
Rewards
Savings Vault
Travel insurance
Donations
Stock Trading
Open API
Vaults
Revolut Metal
Mobile App
Multi-Currency Card
Revolut Premium
Revolut for Business
Cryptocurrencies
Euro IBAN Account
Business App Store
Rewards
Travel insurance
Open API
Vaults
Revolut Metal
Mobile App
Multi-Currency Card
Revolut Premium
Revolut for Business
Cryptocurrencies
Euro IBAN Account
Business App Store
Travel insurance
Mobile App
Multi-Currency Card
Revolut Premium
Revolut for Business
Cryptocurrencies
Euro IBAN Account
Mobile App
Multi-Currency Card
Mobile App
Multi-Currency Card
5. 🇬🇧United Kingdom
🇪🇺
European
Economic Area
🇷🇺Russia
🇸🇬Singapore
🇯🇵Japan
🇺🇸United States
🇦🇺Australia
COUNTRY STACK
🇬🇧UK
E-Money Institution,
Lending as AR of
Lending Works
🇦🇺Australia
Financial Services
License (e-Money)
🇱🇹Lithuania
E-Money Institution,
Banking License
🇸🇬Singapore
Remittance License
🇯🇵Japan
Fund Transfer License
2015 2016 2017 2018 2019 2020 (Aug)
🇬🇧UK
Insurance Distribution
🇬🇧UK
Stock Trading as AR
of Sapia Partners LLP
🇬🇧United Kingdom
🇪🇺
European
Economic Area
🇷🇺Russia
🇸🇬Singapore
🇬🇧United Kingdom
🇪🇺
European
Economic Area
🇷🇺Russia
🇬🇧United Kingdom
🇪🇺
European
Economic Area
🇬🇧United Kingdom
🇪🇺
European
Economic Area
🇬🇧United Kingdom
🇪🇺
European
Economic Area
Payments License
Banking License
Appointed
Representative (AR)
LICENSES OBTAINED >
GEOGRAPHIES SERVED >
🇬🇧UK
Card Issuing License
(Revolut services 30 countries across the EEA)
Revolut has built up its global presence through payments
institution licenses as opposed to traditional banking licenses.
In 2018, It obtained a specialised bank license in Lithuania
which it is beginning to use actively in 2020.
6. 0
2
4
6
8
10
12
2015 2016 2017 2018 2019 2020
NumberofCustomers(Mn)
1 Mn
8 Mn
12 Mn
June
2020
13 MnAug 2020
4 Mn
2 Mn
100k
500k
CUSTOMER ACQUISITION
Revolut launches in July 2015
with its multi-currency card & app
June 2018:
1M users in
the UK 🇬🇧
8 months
12 months
5x
9 months
2x
7 months
2x
8 months
2x
8 months
2x
8 months
1.5x
Revolut for
Business
launches in
June 2017
100k 200k
400k6 months
2x
8 months
2x
20k
18 months
5x6 months
2019:
Beta launch in Japan 🇯🇵,
Australia 🇦🇺 & USA 🇺🇸.
Full launch in Singapore 🇸🇬
Top 5 Most Active Markets
Country Users As of
UK 🇬🇧 3M+ users July 2019
France 🇫🇷 1M+ users Jan 2020
Romania 🇷🇴 1M+ users Feb 2020
Ireland 🇮🇪 1M+ users May 2020
Poland 🇵🇱 1M+ users Jun 2020
July 2019:
16,000 new
accounts per day
Nov 2018:
8000 new
accounts
per day
Nov 2017:
3500 new
accounts
per day
Retail Users
Business Users
Revolut’s rapid user base expansion is boosted by its geographical expansion
strategy. It has plans to enter 5 new countries in 2020 in Americas & Asia Pacific.
8. COMMUNITY
Revolut Community Forum
For feedback & direct interactions
Revolut Academy
For fintech & financial knowledge sharing
RevRally
For real life meet-ups & product launches
Revolut has a 70,000+ members strong online community as of August 2020,
with an average of 4000 monthly active users. It has gained a dedicated
following for its offline events which take place across the world.
9. Investors
Revolut has crowdfunded $6.6 Mn
from more than 4000 users over 2
equity crowdfunding rounds.
VC/PE
Corporate VC
Accelerator / Institution
Retail
$2M $7M $17M $88M
$338M
$838M $918M
$54.0M
$386.0M
$1.7B
$5.5B $5.5B
$3.16
$4.37
$5.02
$6.56
$5.99
0
1
2
3
4
5
6
7
1000
2000
3000
4000
5000
6000
Jul 2015 Feb 2016 Jul 2016 Jul 2017 Apr 2018 Feb 2020 Jul 2020
Pre-Seed Seed Series A* Series B* Series C Series D Series D
Valuationper$raised
Funding&Valuation($Mn)
Revolut Funding & Valuation
Total Funds ($ Mn) Valuation ($ Mn) Valuation per $ raised
FUNDING & VALUATION
* Rounds include funds raised through equity crowdfunding
Revolut is among the most highly valued European fintechs along with
TransferWise & Klarna. In its latest funding rounds in 2020 its valuation
tripled to $5.5 billion, having raised a total of $918 million since inception.
10. £120 £2,363
£12,832
£58,240
£1,62,722
£(1,689) £(6,990) £(14,822)
£(32,871)
£(1,06,503)
-300000
-250000
-200000
-150000
-100000
-50000
0
50000
100000
150000
200000
2015 2016 2017 2018 2019
Amountin£’000
Revolut Financials (in £’000)
Turnover Administrative Expenses Total Comprehensive Loss
Income Expenses
• Card Usage & Interchange
• Subscriptions
• Partner Commission
• Interest
• Card Scheme Cost
• Acquiring Cost
• Marketing
• Personnel
• Technology
Revolut
Revenue Streams
FINANCIALS
£93,177
£37,049
£14,307
£22,69,194
£8,90,636
£1,87,966
£2,312
£1,851
0 500000 1000000 1500000 2000000 2500000
2019
2018
2017
2016
2015
Amount in £ ‘000
Revolut Customer Assets
E-Money Crypto Assets
60%23%
17%
Card Usage & Interchange Subscription Others
63%
24%
13%
2018 2019
Revolut Income Distribution
Revolut’s turnover grew by 2.8x and its operating expenses grew 3x in 2019 –
attributed to rapid global expansion. While it relies on payments as its primary
income source, it is expanding to lending using its European banking license.
11. UNIT ECONOMICS
-£54.4
-£6.0 -£2.9 -£1.5
£24
£12
£17 £16
0
2
4
6
8
10
-100
-80
-60
-40
-20
0
20
40
2016 2017 2018 2019
Numberofcustomers(Mn)
Income&expensepercustomer(£)
Contribution Margin Trends
Contribution Margin per customer Turnover per customer
Direct Costs per customer Number of customers
£15
£3
£4
£6
£2
£5
£3 £3
£17
£8
£7
£9
0
2
4
6
8
10
0
5
10
15
20
2016 2017 2018 2019
Numberofcustomers(Mn)
Administrativeexpensespercustomer£
Administrative Expenses Trends
Staff Costs per Customer Other Administrative
Expenses per Customer
Total Administrative
Expenses per Customer
Number of Customer
While Revolut enjoy the benefits of economies of scale with lower costs per
customer, it still operates at negative contribution margin. Turnover per
customer has declined while administrative costs have gone up in 2019.
12. Disclaimer:
All data used for analysis has been taken from Revolut’s annual reports & other publicly available sources.
All views & opinions mentioned are personal and do not represent views of any organisations or institutions.
FINTECH FRATERNITY
Afshan
@heycloudwatcher
/afshan-d
Priyamoni
@PriyamoniD
/Priyamoni-debnath
Sanjeev
@sanjeevk_k
/sanjeevk2012
THE TEAM PREVIOUS WORK
Monzo
Deep Dive
SME Neo-banks
Global Overview
Starling Bank
Deep Dive
