Here’s some more details on Revolut’s upcoming investment / wealth product. It sounds like it’ll be their version of Moneybox, built into the app -
Here’s the latest item for the Revolut news feed…more details about their upcoming crowdfunding which is being managed by Seedrs -
- [Raising] £4 million from the crowd in exchange for shares in Revolut
- Premium users will get early access
- Minimum investment is £10
- Premium members will have a maximum investment amount of £2,000 and Standard users will have a maximum amount of £1,000
- Customers will be invited [to invest] randomly
- [The] pre-registration page will go live on Monday 24th July
- Customers … have collectively transacted over $3.2 billion
- Aiming for 50 million customers globally in 3 years
IAm Bank hasn’t launched in the UK yet but here’s some background info it’s their founders…
Seasonality, one would assume. Particularity given Revolut’s rather explicit FX customer value proposition.
Would be interesting to see if Monzo have enjoyed a similar boost.
Unfortunately it seems hard to distinguish between the compound effect of Monzo having more users - & their effect on word of mouth referrals - & seasonality, to me. It’s less clear what’s driving Revolut’s growth though.
I’d say a lot of the people who signed up due to Martin Lewis plugging it will be very much ‘seasonality’ since a lot of those people will have primarily signed up for a decent exchange rate for their summer holidays.
A great feature that pulls people in initially and when they find out how great is compared to their legacy banks they may be interested in using it for more than just their travels!
Yes, that’s what happened to me
Stupidity/marketing BS alert. This is just a marketing move without any actual security behind it (in fact I’d bet good money this will be cracked in no time), as implementing actual security (like a proper password you can save in a password manager) is not marketable enough.
Reminds me of HSBC’s similar stupid feature (based on voice instead) and how it was cracked without any kind of technology - just a similar voice: https://www.thetimes.co.uk/article/twin-brother-s-voice-cracks-bank-security-w3g8s0s9p
Some good news for Cleo (spoiler - it’s an eye catching headline but the investment was ‘only’ £2m) -
Since launching in January, more than 50,000 people are managing £400m of their cash with Cleo
The year-old startup will grow staff from eight to 12 by the end of the year and plans to spend between £500,000 and £1m on marketing campaigns. So far it has picked up those 50,000 users “very much” by word of mouth.
CoinDesk reporting revolut are to support cryptocurrencies - bitcoin payment options… pretty interesting
You can now share your Starling pass up to 5 times with friends -
Tom’s retweeted this. Interesting that they’re managing to make a profit despite having a supposedly unviable branch network, although how much more could they have made without one..?
1 million customer accounts doesn’t seem am awful lot for a bank with building costs. Especially when Monzo have 300k+ with no advertising/presence.
Monese waiting list for their new € account passed 10,000 on Tuesday
Starling Bank has become the exclusive Direct Agency sponsor for Vocalink’s PayPort Service
I saw a lot of tweets that this was coming up, I love that they’re making such a big deal out of that
It is nice that you can approve the transaction from the app though. This hasn’t been confirmed yet but one of the team has mentioned in the developer’s Slack team that Monzo are working on implementing something similar.
almost as funny as Fidor announcing their Debit card with a drumroll as if it was an exciting new product